Randy Short seriously! Such a great explanation .. was planning to show it to my high school class and then that ! Smh! Guess I'll switch it off before the end ! Hope I remember !!!
Also interesting, but maybe not relevant, that it wasn't disclosed if Anne was more productive due to her proximity to better fishing grounds or if they were living in the same area and she was simply a more skilled fisher.
thanks for the video , helped me with my exam too . one more thing doe .... this dude looks like the evil guys from spider man right :D? like the dad from peters friend ... portrayed by willam dafoe
This video blew my mind! I'm rethinking my life and I want it to now include dolphins, samurai swords and endless possibilities! This video is profound, this video is true, and this video will change your life forever.
A long time ago when seas were low, Tasmania was a part of Australia. Just pointing out that Tasmania is still, and always has been, a part of Australia.
I don't understand the end. Why does Bob get to raise his price to 3 fish per banana just because Ann became better at catching fish? Why can't Ann pay the same amount of 2 fish per banana and just get more bananas?
That depends on the size of the countries.Then Ann, with more fish, she would consume more bananas. But, since Bob's got the same production, the price would tend to rise.
What if Ann gets better at both, at the same time as Bob can catch One fish or One banana, Ann can catch Four fish or Two banana? Now it looks more like a comparative disadvantage for Bob.
Yes, there would still be benefits from trade. To understand comparative advantage we ask "When I do X, is the value of the opportunity I forgo smaller than the value of the opportunity you forgo when you do X? If it is, then I should do X." The value of the opportunity I forego is also called "opportunity cost". According to this principle, there would be benefits from trade even if Ann became so much better at both. In that scenario, Ann's opportunity cost of producing 4 fish (in terms of the other thing she can produce) is 2 bananas. Bob's opportunity cost of producing 4 fish is 4 bananas. Ann's opportunity cost of producing fish is smaller than Bob's, therefore she should only produce fish, and trade for the bananas she needs. If they do not trade, and you give them 2 hours, Ann produces 4 fish and 2 bananas, while Bob produces 1 fish and 1 banana. Total: 5 fish and 3 bananas. If Ann only fishes, Bob's collects bananas, and they trade, Ann produces 8 fish, and Bob 2 bananas. Total: 8 fish and 2 bananas. There is a 3 fish gain and a 1 banana loss, compared to the no trade scenario. IS this better overall? Yes, 3 fish are more valuable than 1 banana. This is because Ann can divert half hour from fish production to banana production. She thus forgoes 2 fish to collect 1 banana - the lost banana. But she is still left with one fish. So total production is greater.
This was the most intense eye contact I've ever made with a TH-cam video
I’m conquered by him
Yeah. You're right
Yes be true
🤣
It was leading up to the "orgy" comment...
This was really helpful in one of my University assignments thank you. but damn man, blink every once in awhile.
there is no comparative advantage to blinking
Hahaha
@@mr.johnson6199 still an og comment
our society is an orgy of innovations
I literally come down here to comment that myself. The hardest case of whiplash I’ve ever gotten
THIS COURSE IS BRILLIANT!!! Thank you so much!!! So HELPFUL before the final exam!
he doesnt blink
super impressive
lolll
Not a good enough reason to use the term "orgy"
Randy Short seriously! Such a great explanation .. was planning to show it to my high school class and then that ! Smh! Guess I'll switch it off before the end ! Hope I remember !!!
I agree with you. I also stopped for a moment to figure out he used the word, wow.
bruh my teacher just told us to watch the video
Very helpful and simple way of explaining it. Thanks!
so cinematic. brilliant presentation
this video helped me a lot for my report tomorrow. Thank you!
Glad to hear it, Charles! -Meg
Marginal Revolution
University
What a informative videos, thank you!
What an awesome video! Thank you so so much!
I'm ready for the upcoming exam! :)
+Sophie Gille so true man!
thank you
Fühl ich 😭
Lol orgy of innovation got me😂😂
bananas and fishes didn't get you before orgy and the mmm in the background 2:28 this is was perverted in a lowkey way.
Marginal revolution is my favorite channel,
I like lot and I show every video ..
The most helpful and clear with fun image vedio compare to others, thank you! I finnaly understaood after watched this one.
Thank you for this. To clarify, in this case...
Anne has comparative advantage in fish and Bob has comparative advantage in bananas? Is that correct?
Yes, you've got it! -Meg
Also interesting, but maybe not relevant, that it wasn't disclosed if Anne was more productive due to her proximity to better fishing grounds or if they were living in the same area and she was simply a more skilled fisher.
Very helpful video📹 Thank You
5:15 Those are some really white eyeballs😆
Super useful and clear video!
Such a great video
Bobs always thuggin in these vids
Great content 👍
Very helpful, subscribed
Excellent presentation ...........Keep it up.........!
thanks for the video , helped me with my exam too . one more thing doe .... this dude looks like the evil guys from spider man right :D? like the dad from peters friend ... portrayed by willam dafoe
Coven Y
you mean the green goblin?????? Lol
Very simple but quite effective
His gaze can melt steel beams
awesome video
for those of you who wonder: yes Bob and Ann are in the opening of deperate houswifes ;)
WHY IS HE NOT BLINKING??
brillant video!!! 150%
Thank you ❤
Great video thank you!
Glad it helped!
-Roman
Loved it
thanks
great video
This video blew my mind! I'm rethinking my life and I want it to now include dolphins, samurai swords and endless possibilities! This video is profound, this video is true, and this video will change your life forever.
Wow almost everyone here in colllege I’m in 6th grade learning this
Epic is the best word here👌👌👌
A long time ago when seas were low, Tasmania was a part of Australia. Just pointing out that Tasmania is still, and always has been, a part of Australia.
Ann was a catch for bob
this video was very informative, but it was so weird that he seldom blinked lol
No way Ann catches more fish than Bob. Bob is obviously superior
Ann haunts me in my dreams
Awesome 😍
I don't understand the end. Why does Bob get to raise his price to 3 fish per banana just because Ann became better at catching fish? Why can't Ann pay the same amount of 2 fish per banana and just get more bananas?
That depends on the size of the countries.Then Ann, with more fish, she would consume more bananas. But, since Bob's got the same production, the price would tend to rise.
Thats basic economics. If supply increases, price decreases if demand stays rhe same
Thanks !
What if Ann gets better at both, at the same time as Bob can catch One fish or One banana, Ann can catch Four fish or Two banana? Now it looks more like a comparative disadvantage for Bob.
Yes, there would still be benefits from trade. To understand comparative advantage we ask "When I do X, is the value of the opportunity I forgo smaller than the value of the opportunity you forgo when you do X? If it is, then I should do X."
The value of the opportunity I forego is also called "opportunity cost".
According to this principle, there would be benefits from trade even if Ann became so much better at both.
In that scenario, Ann's opportunity cost of producing 4 fish (in terms of the other thing she can produce) is 2 bananas.
Bob's opportunity cost of producing 4 fish is 4 bananas.
Ann's opportunity cost of producing fish is smaller than Bob's, therefore she should only produce fish, and trade for the bananas she needs.
If they do not trade, and you give them 2 hours, Ann produces 4 fish and 2 bananas, while Bob produces 1 fish and 1 banana. Total: 5 fish and 3 bananas.
If Ann only fishes, Bob's collects bananas, and they trade, Ann produces 8 fish, and Bob 2 bananas. Total: 8 fish and 2 bananas.
There is a 3 fish gain and a 1 banana loss, compared to the no trade scenario.
IS this better overall? Yes, 3 fish are more valuable than 1 banana. This is because Ann can divert half hour from fish production to banana production. She thus forgoes 2 fish to collect 1 banana - the lost banana.
But she is still left with one fish. So total production is greater.
I live in Tasmania.
Blink please
Why doesn’t Ann find a more suitable trade partner than Bob since clearly Bob isn’t pulling his weight
4:22 FEWER than three fish
And I’ve stopped watching.
normans on sabbatical spiderman
Hurr durr I can't trade so i forget how to make tools.
Scary eyes
Why is Ann such an out-of-sight fisherwoman?
Its hard to take you seriously when the woman is a better fisherman than the man.
I feel i just watched a movie
The 4 thousand hundred lol
Ann is pretty scary what a nightmare face does she has.
A big banana of a man can deal with more fish of a woman, make sense 😆
Anne is scary af
Using Don Bodreaux to teach economics? Well, nothing here will be useful in real life.
Whenever an economics video compares the productivity of a man and a woman, the woman invariably wins. Feminism has taken over the world.
imagine being this triggered by a video about fish and bananas. lmfao incels, man