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Micro 3.2 Short Run Cost Curves 

ReviewEcon
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This video covers topic 3.2 of the AP Microeconomics Course Exam Descriptions (CED). This video covers Total costs, variable costs, average average costs, and marginal cost.
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31 июл 2024

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Комментарии : 25   
@thefly6537
@thefly6537 3 месяца назад
11:05 would the curves shifting up be described as a shift right, left, or something else? Same question applies to the fixed cost shift that only moves the ATC
@ReviewEcon
@ReviewEcon 3 месяца назад
Cost curves shift up and down for increases and decreases (unlike supply band demand that shift left and right). They shift the vertical distance of the increase or decrease. I hope that helps!
@thefly6537
@thefly6537 3 месяца назад
@@ReviewEcon So I would not describe them as shifting left or right on an FRQ. Thank you.
@hjaslhzvc
@hjaslhzvc 6 месяцев назад
what's the difference between two terms, "division of labor" and "specialization"? can i use "division of labor" to replace "specialization" on the AP test?
@ReviewEcon
@ReviewEcon 6 месяцев назад
Division of labor is breaking the production process into different parts and having different workers do different parts of the production. For example, in a car factory you might have some workers putting on tires, other workers putting on windshields, etc. Specialization means that workers get very good at whatever they are doing. Workers can specialize in the production of finished products or they can specialize in part of the production process when there is a division of labor. I hope that helps!
@ReviewEcon
@ReviewEcon 6 месяцев назад
In regards to the downward sloping portion of the MC curve, rubrics specify it is due to specialization. I suspect they would accept division of labor as well, but I can't be 100% sure.
@R_kaldovich
@R_kaldovich 8 месяцев назад
Thank you teacher you saved my life🤍 , I was suffering with this for hours 🙏🏼🙏🏼
@ReviewEcon
@ReviewEcon 8 месяцев назад
You're very welcome! Good luck with your studies!
@glennwatson3313
@glennwatson3313 Год назад
I really miss teaching micro.
@ReviewEcon
@ReviewEcon Год назад
😢 maybe someday you can get back to your roots!
@amyliu7745
@amyliu7745 3 месяца назад
Why at 8:30, it says actually $1.33?
@ReviewEcon
@ReviewEcon 3 месяца назад
Because the true ATC a quantity of 3 on that table is $1.33 not $1.30. 😄
@amyliu7745
@amyliu7745 3 месяца назад
@@ReviewEconwouldn’t it be $11.33 and not $1.33?
@ReviewEcon
@ReviewEcon 3 месяца назад
😅 I was in such a hurry to answer, I didn't catch the mistake. You're right! It is $11.33. I'll fix that soon. 😄
@amyliu7745
@amyliu7745 3 месяца назад
@@ReviewEcon Oh ok thanks! No worries
@DW-th5qb
@DW-th5qb 3 месяца назад
how are you not viral
@ReviewEcon
@ReviewEcon 3 месяца назад
Great question! 🤷‍♂️😅 Subs are growing steadily though. 😄
@DW-th5qb
@DW-th5qb 3 месяца назад
@@ReviewEcon love your videos hope u become more famous i will recommend u to my friends lol
@ReviewEcon
@ReviewEcon 3 месяца назад
@DW-th5qb I appreciate it! 😄
@AllanBrien-jj1qh
@AllanBrien-jj1qh 5 месяцев назад
4:26 you mean marginal is the change in total?
@ReviewEcon
@ReviewEcon 5 месяцев назад
Yes, in AP micro, marginal means change in the total. Marginal cost is the change in total cost, marginal benefit is the change in total benefit, marginal revenue is change in total revenue, etc.
@AllanBrien-jj1qh
@AllanBrien-jj1qh 4 месяца назад
Thank you.I thought marginal means edge,not total@@ReviewEcon
@ReviewEcon
@ReviewEcon 4 месяца назад
@@AllanBrien-jj1qh for the purposes of microeconomics, marginal means change in total. Marginal revenue is change in total revenue, marginal benefit is change in total benefit, marginal revenue product is changed in total revenue product, etc. Margin also means edge, but that definition won't help all students find the marginal benefit when they are given total benefit. That's why I use this definition. I hope that helps!
@tylers5123
@tylers5123 6 месяцев назад
13:50
@ReviewEcon
@ReviewEcon 6 месяцев назад
Good bookmark for finding fixed costs!
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