Hi Katherine, you videos are just incredible! You explain everything in a really understandable manner. Can you please share the slides? That would be really helpful.
Mohammad - I am happy to share my slides - I just need an email to send them to. I think if you email me through my Google link, I'll see your email. Thank you for watching!
thank you very much for your presentation!!!! May i ask did you use draft while presenting it? it is just so smooth that I tried to speak this fast but I cant
Hi! Thank you for watching! I do use a draft while presenting. I make myself a script, and practice it a couple of times before recording. That way, I can really plan out what I want to say. I also know about how long each video will take.
If you can make those kinds of comparisons for every possible A and B, then yes, your preferences are complete. Hope this helps! Thank you for watching!
Yes. I am sorry if I did not make this point clear in the video. Thank you for the clarification. I'll take a look at this and see if it needs editing.
If item A is weakly preferred to item B, that means that either you like item A better than item B, or you are indifferent between them. Think of weak preference as being equivalent to the relation "greater than or equal," whereas indifferent would be just "equal." Hope this helps!
Yes get your point completely but let's say if I'm considering my choices then either I'd be indifferent or I prefer something over the other in either case I do have a relation like for the first one I've strict preference while for the second I've indifferent what is the significance of relation of weak preference? Hope you get what I'm tryna say :)
@@ishika01375The significance is largely what weak vs. strict preference implies about the completeness of your preferences. If people only have strict preferences, then their preferences will be incomplete (they will be unable to determine how they rank some items), because they are indifferent between them. Weak preference is what gets us to completeness, which is important when we are trying to derive demand and determine things like willingness to pay.
@@KatherineSilzCarson oh okay thanks! So, basically weak preference is just to consider all kind of cases at one place. Thanks for your reply it was helpful :))
Hi, Question here! I do not understand what is going on at 6:10. So when we are talking about the budget sets (emphasis on the budget set), if all the points in a line that connects two elements in the budget set, is also part of the budget set. Then the set is considered to be convex i.e. what happens in 4:09. However when we're talking abt indifference curves (if the line happens to be outside), then the indifference curve is said to be strictly convex. Can you please criticize my statement. Thank you so much
Thank you for your question. The important thing here is to remember where the set is. For budget lines, the set of affordable points is on and below the budget line. If you're thinking the graph as a map, then everything to the south west of the line would be in the set. Since a line connecting any two points in the set is also in the set, the set is convex. For indifference curves, the set of weakly preferred bundles is everything on the indifference curve and those points to the north east of the curve. Again, the set is convex because if you find any two points in the set and draw a line between them, all those points will also be in the set. For a set to be strictly convex, all the points on the line, except the endpoints, have to be strictly INSIDE the set. This will not be true for budget sets, since a line connecting two points on the budget line will be in the set, but will be on the edge of the set rather than strictly inside it. For curved indifference curves (ones that don't have any flat parts), a line connecting two points on the curve will be strictly INSIDE the set, making it a strictly convex set. Hope this helps - and thank you for watching!
In my assignment my lecturer wrote the terms, "Standard preference' and "Non standard preference". He's never mentioned these terms before and has only been through concepts like convexity. What does he mean by these two terms? Thanks alot for your help :)
Ravi - I wish I knew. Unfortunately, I do not know what your instructor means. I recommend you ask him/her. Sorry I couldn't be of more help. Thank you for watching!
actually i have came across a question related to preference which i couldnt solve, the question is : Let R be a weak preference relation defined over a consumption set X. Let P stand for the strict preference relation and I stand for the indifference relation, derived from R the usual way. suppose a consumer has a ranking over X={x, y, z} as xIy, yIz and xPz which of the following is true ? (a) Consumer,s indifference relation I is Transitive (b) Consumer,s strict preference relation P is transitive (c) Consumer,s strict perefernce relation P is not transitive (d) one cannot conclude anything about the transitivity i hope you will give me reason for correct option thank you sir
Zahidullah - If xIy and yIz, then transitivity would require xIz, so that means that (a) is not correct. Since we know xPz and yIz, transitivity would imply xPy, which is a contradiction. I will leave it to you to finish the reasoning from there.
The next video in the series is one on the site called "Utility." If you go to the playlists page, you will see that I have created four different playlists for different microeconomics topics that presents the videos in the order in which they are meant to be watched. Hope this helps. Thank you for watching!
Presentation is a bit difficult to follow especially for a lay person. The presenter sounds like she is just reading rather than trying to help someone understand. I kept pausing and repeating because at some point I get lost as to which part of the slide the presenter is talking about.
Zahidullah - Feel free to ask me your questions in the comments and I will reply. That way, everyone can benefit from the exchange. Thank you for your comment!
