Introduction to Cost Theory 

Thank you very much for your compliments. I use a variety of different software including photoshop, illustrator, HTML5, Final Cut, GarageBand and a few other products. Each video takes me a long time to create. My rule of thumb is each minute of video takes about 12 hours to create, so a 7 minute video takes me about 84 hours of development time.

You've probably heard this many times already but the power point animation skills you display are extraordinary. I teach in the master of engineering programme at a university in New Zealand and would really benefit from any soft ware your

Thank you for the feedback and it is much appreciated. It is my plan to keep improving the videos and adding more content too.

I didn't understand this when my teacher taught this in class, but i understood this topic very well after watching this video. Thanks a lot ! :D

Thanks Jenile, appreciate the feedback. It is often hard for me to decide how dark or light something is because if I know what is there it is easy for me to see. I will definitely take your advice and make things a bit darker.

Omg I finally understand the concept after my textbook failed and my professor failed at explaining the concept. Thank you so much for the animation visuals and slow explanation of the cost theory it has tremendously supported me in understand the theory.

The illustration is pretty straightforward! Thanks.

Many thanks for the positive feedback. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

these videos helped me alot in preparing for my semester test!! Thank u!!

Always good to hear! Good luck in your classes too.

keep up the good work. this does really help for new students like me.

You are very welcome. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help me spread the word about the educational videos.

thanks. These are the best out of my academic playlist.

Great Work! Keep up the good work and I am waiting to learn more from you. I wonder if you can make a series on econometrics and on Game Theory as well. Thanks again for the excellent work.

Thanks very much. Very clear. Kindly make another one on elasticity. Thanks in advance.

Very good idea. I will try to get that video done this weekend.

Well, you can have economies of scale at any point in time. Typically the idea of cost theory is taught in two parts long run and short run and in reality they blend together. A more important concept from the video (related to economies of scale) are diminishing marginal returns.

Great video once again ! :) However, I suggest you use darker colors instead of the grey... I could barely notice it ! Anyway great job !

Economies of scale can be caused by other things other than adding equipment (impacts Long Run Average Cost). Labor usage does impact economies of scale too. I am not sure I understand your second question. Marginal Cost is the change in Total Variable Cost and Average Variable Cost is Variable Cost/Quantity. At larger levels of Quantity Average Cost is impacted less than marginal cost. The second video on this playlist (Cost Theory) may help you understand.

Thanks a lot for these videos, very pedagogical!

You are very welcome! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

Thanks it helps me a lot. Continue to watch more of your videos

Thank you.Can I know how you created this superb video?

Watching this after 7 years. Thanks.

Great video. Thank you for your teaching.

You say in the beginning of the video that we are taking these graphs into consideration for the short-run, however, you talk about economies and diseconomies of scale. Aren't economies of scale in the long-run?

Do you ever draw in the Average Fixed Cost curve or is it unnecessary? You mention at 7:15 that you draw the Average Fixed Cost curve, but you end up drawing the Total Fixed Cost curve (which one did you actually mean may I ask?). The AFC curve would be downward sloping right and would resemble kind of a linear line? (So although Total Fixed Cost is a horizontal line or perfectly elastic, average fixed cost is not as quantity increases) And may I ask why do you call the average variable cost a less interesting line (whereas total variable cost is not?)? Do you use it less often as a result or what do you mean by that? Thank you so much for the excellent videos

This is very helpful for me. Thanks for the video. How can I see the two others?

You are very welcome from Kansas City, USA!

Thank you so much for these helpful videos

Thank you SO MUCH ! Very helpful on my masteral subject😊😊

You are very welcome.

Good one there. Step-by-step.

Very good videos. Hope you continue to create many more videos. :)

Excellent explanation.

Thank you so much for your explanations! They are the best explanations that I saw in the Internet!!! And my textbook does suck. No really, I wish my textbook explains everyhing like you. It does not say about many things that you are explaining and the textbook's explanations are very messy often, and there are many examples which are large and not clear. (I have Farnham P.G. 2014, 3rd edn., Economics for managers)

Helped me understand graphs better

I wish my professor could explain this half as good as this video does

great job..keep doing the great work , really appreciable

This still is very helpful. Thanks a lot!

Very good explanation.

hello, i have a question. Isn't marginal cost equals when total cost takes the derivative? If that's so, isn't it marginal cost curve touches zero at its minimum point?

Very nice sir...Thank u very much

You are welcome!

This video is really helpful! Thank you so much :) Do you have your own website for economics?

Amazing video!

Clearly explained, enjoyed !

Economies of scale is a long run process. The reason for the shape of the curves has to do with diminishing marginal product

the area under the short run ________ cost curve to any level of output give the total variable cost up to that level. Please answer

excellent explanation

Thank you for making these videos !!!

Best video every saw about this item

Thank you! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

Great to hear. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos and help other students prepare too.

thank you so much your videos are great !

if i watched your videos from the first place i wouldn't have failed this module at the first place

Can you make a video about "Theory of Cost and Profit"? I have this professor she didn't teach us anything and just gave us activity "Explain the theory of Cost and Profit" how can we explain something that she didn't even teach us. Please help

I have a query. Economies of scale is a long-run concept and this video is about short-run costs!!!! Help!!!

you are the BEST! Thank you

THANK U SOO MUCH!

Helped me a lot! Thank You! :)

Superb video...Thanks a lot

Thanks for making me understand, appreciate it.....

Many thanks!

I love this! Thank you

Thank you so much for this helpfull video

Thanks for the feedback. Make sure you Like MyBookSucks Facebook fan page too. I post funny college life videos plus other nonsense like my freshman student ID.

I love it!

And a thank you from Denmark.

Excellent

Better late than never :). Make sure you like MyBookSucks on FaceBook (see link in video description). It will help other students find it sooner too. Also I have a channel on statistics, algebra and building one for calculus.

Thank you... Though my exam is in few minutes...😆😆..

Very nice

Awesome diagrams! Technology in use lol

Amazing

thank you

thanks a lot sir

THANK U SO MUCH :D

Party More Study Less.... could be rock more... dance more, love more...whatever some student would rather be doing that studying.

thaaaaaaaaaaank you! sir

costs are for weaklings. I'm only interested in profits

goodshit nigga

nice

the first min of this vid feels like it should be half way through. you just start drawing graphs but there is no introduction. no khan acadamy

party more, study less......aye aye sir!