9 Perfect Competition Videos

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These videos will hep you to understand the basics of perfect competition. It starts with, what is meant by profit maximization and where do these perfectly competitive firms maximize their profits?

Mathematical as well as graphical interpretation of both necessary and sufficient conditions of profit maximization will help you comprehend the basics of perfect competition.

Two important and related concepts, Marginal Revenue and elasticity of demand, are discussed, where we derive MR = P(1+1/e) and (P-MC)/P formula. This is supplemented by an example of constant elasticity demand function

Lastly, how is supply curve of the firm is drawn is explained in the last two videos. Continue reading →

Profit Maximization Condition Part 1

Profit Maximization Condition Part 1 Continue reading →

Firm’s Expansion Path

Firm’s Expansion Path Continue reading →

Minimizing cost for a Cobb Douglas production function

Minimizing cost for a Cobb Douglas production function Continue reading →

Profit Maximization Meaning

Profit Maximization Meaning Continue reading →

Inverse elasticity rule

Inverse elasticity rule Continue reading →

Constant elasticity case and relation between MR and elasticity of demand

Constant elasticity case and relation between MR and elasticity of demand Continue reading →

Short run supply curve of a profit max firm Part 2

Short run supply curve of a profit max firm Part 2 Continue reading →

5 Production theory concept videos

In these videos, we discuss production theory. We answer questions such as, what is meant by production function? Are all the inputs feeding into production function, variable or some of them are fixed? This leads us to distinction between short run and long run.

We find how producer produces efficiently in both SR and LR? What is meant by efficiency in production? What are isoquants and isocost lines? What are the properties of Isoquants? Then we discuss different types of isoquants and their MRTS? Why MRTS fall along an isoquant (generally)?

Lastly, we discuss the concept of returns to scale, with the help of a graph and numerical example

I hope you like these videos! Continue reading →

What are Indifference curves

What are Indifference curves Continue reading →

Shortcomings of GDP as a measure of output

Shortcomings of GDP as a measure of output Continue reading →

income offer curve and engel curve for inferior goods

income offer curve and engel curve for inferior goods Continue reading →

Normal and Inferior goods

Normal and Inferior goods Continue reading →

ordinary goods and giffen goods

ordinary goods and giffen goods Continue reading →

price consumption curve and derivation of demand curve from ppc

price consumption curve and derivation of demand curve from ppc Continue reading →

2 uncertainty basic concepts

We all live in an uncertain world, how to model uncertainty in economic problems? We learn this in these two videos. In the first video, an introduction to expected utility theory is given, whereby with the help of a numerical example, expected value of a gamble and expected utility are found.

In the second video, using different utility functions over wealth, it is shown that a person can be risk lover, risk averse and risk neutral. Continue reading →