Wow, what a very useful video. I have learned so much, and I value this a lot. This video has taken cancer away from me. This video feed millions in Africa. This video, make me feel proud to be gay. Thank you.
Im stuck on a problem, I hope someone in the comment section could help: In 2020, there was no VAT on electric cars. Various models for value added tax on expensive electric cars were discounted. Here are two suggestions: 1. There will be 15% VAT for all electric cars where the price without VAT is over 600,000usd 2. There will be 25% value added tax on the part of the price that is over 600,000usd a) For which of these two models is the price with VAT a continuous function of the price without VAT for x=600000? b) Draw graphs showing the price with VAT as a function of the price without VAT for each of these models. Its about continual/discontinual functions within the chapter about derivatives. So I am pretty new to this and havent used geogebra that much in the past, and I do not know how to use this information to even draw the graph. Anything I try seems to not make sense or just breaks :/
what a beautiful explanation sir !! but what is implied by "on the margin"? where exactly is the margin and why we call it margin ??? could you please clarify on that... thanks a lot for your time and value
I understand the graph. But my question is, with real life example, why should I introduce quadratic term in my total cost function? I understand the theory, but don't understand the application side. After certain point production cost increases more than probable quantity production, but how is that incorporated with quadratic part? I understand the answer of 'why', but don't know anything about 'how'.
@@asfandyarmalik6438 It actually refers to the cost per unit, not overall cost. The idea of "low hanging fruit" ie, it is easy to collect all the fruit dangling in front of you, but if you want to clean off the whole tree then you have to climb all the hard to reach branches which increases the cost per unit of output. If you think about this for a single factory, it may not work as such, though it definitely applies for agriculture where all the crops cannot be easily collected. If you think of the total supply pool as different businesses with unequal costs of production due to the resources at their disposal, some businesses only have the capacity to produce inefficiently and therefore they will only supply if the price they can get for their output exceeds the cost of production. Compare this to an efficient business who can produce for a much lower price; they will supply even if the price is a lot lower because they can produce with lower costs. For a supply curve, all the businesses in the market are being ranked in ascending order of production costs thus the higher prices correlate to a greater quantity supplied note: If the supply curves moved to the right- increased quantity then that indicates that production for businesses is more efficient and thus they can provide greater amounts at the lower prices and also greater amounts at the higher prices
