Opportunity Cost, Price, & What Stuff is 'Worth' - Intro to Political Economy, Lecture7 

I'm finding this sequence of lectures incredible. There's much to learn from them. I'm very glad you've made such valuable content open for all. This is a great way to contribute. Wish more people were interested or spoke English to be able to benefit from it. Thx from Brazil.

This lecture is so awesome! Thanks to youtube for providing the platform and Duke University for sharing this valuable lecture.

Thanks very much also from Austria - this is really an incredible service to all self-learners!

Thanks to the authorities who are doing this great job.

I just love these lectures ! Thanks To Duke University, and to this brilliant professor, Michael Munger. Much appreciated Sir !

That was quite a ridiculous question and implies something ridiculous. You weren’t willing to purchase the tickets for 400$ but you not selling the tickets makes the tickets worth 400 a piece? Trivially the tickets are worth enormously more than that if you find someone else the monopoly only grows stronger as each scalper runs out. The question is trivial then. A possible way is to just not tell your wife that you got them for free for then it costs you nothing. There was no forgone alternative to your prior possibilities, that is, in attaining the tickets, you eliminated alternative ways you could have spent said money for the sake of your wife. You would have experienced a loss. It is the loss which you would have experienced which would have made your wife believe the tickets had worth for purposes of the meaning of you taking her to the concert. But this introduces more questions about the existence and measurement of consumer surplus.

Thanks for the knowledge Professor 👨‍🏫

At around 6.00 did he just quote Brand Nubian's 'Punks Jump Up To Get Beat Down'?!

Big issue with price system claims is that some people have more money than others. So the information is different. Bread is 1% of person a income, but 0.0001% of person Bs.

This guy would make a good stand up comedian

More and more different subjects videos need.

Thanks

He keeps commenting that price tells you how much something is worth to someone but i think it's more complicated than that. If I'm making $200,000 a year and another person is making $30,000 a year the object, convenience, or experience might be equally important to each of us but i am easily able to outbid someone making far less. I get the point but his description only perfectly works if we all make the same amount of money.

Sociology major here. The reason why it's not true that it is immoral for you to take the tickets when someone else is willing to pay more is because you might not be worth as much in the economy as they are. Bill gates wouldn't take the time to bend over and pick up a thousand dollar bill, Because his time is worth more than that. Someone that cleans hotels for a living Wouldn't dream of stepping over a thousand dollar bill. If bill gates really wants the tickets, he could pay a million dollars for it

Martinez Richard Perez Gary Thomas Christopher

this recycling bit was insaenly confusing and unclear to me

Gangstah

Young Scott Johnson Sharon Smith Matthew

somalia have state 🤳

Thanks