@@jamlessjimin1552 currently preparing for a midterm and I attend a top 3 MBA program in the US, and have learned a lot from this video in 10 minutes and will definitely help with my preparation.
Don't compare because your professor gave you an introduction to the topic and now this lecture here is complementing the knowledge you gained from the professor.
These videos taught by this man are amazing, clear and simply taught. I find my economics book which I use for class extremely complex (and scary). I have avoided economics my entire life but I need to learn it in order to obtain my Master's degree (Public and International Affairs). The videos on this channel are saving me from failing my Intro to Microeconomics class.
This is better than my microecon book, done in ten minutes that most teachers spend a whole lecture on. TH-cam (or some other service) should become an open forum for professors to compete. This video for instance becomes the gold standard for indifference curves. The next teacher is free to try and beat this, ranked by voting and judging. Eventually we'll have a full video suite on microeconomics better than any college. For free. This could work for many subjects.
This video was great. I've been struggling along with my textbook trying to get an understanding of indifference curves all afternoon. You just explained it in less than 10 minutes. Thanks!
awesome!! My brain was fried last night and today I woke up with a positive attitude...and looking at this video i'm so happy to say this helped!!! please keep it up!!! awesome!!!!v
No idea what my professor was tring to say about indifference curves and budget constraints. Your video cleared it up...thanks. BTW I have been watching your videos for a couple of years. Very helpful.
You are a god send. You helped me loads through A Level Economics and now you are helping me through my degree. Thanks and continue making great videos.
Yes sir, you have done a tremendous excellent job by elaborating this topic. Which took me one week to try to figure out what the heck was going on! Thank you so much for making life soooooo much easier! Many thanks!!!
I'm graduation from TH-cam University. i don't have a fancy degree to prove that I memorised shit I don't understand, but I actually have the priceless knowledge and understanding of practical things.... All for free. Thank you
I have no idea how you explane everything in 10 minutes and my lecturer needs hours to explain. plus, I understand everything here and nothing in the university! thanx a lot!
Phil, You make economics sound so easy and understandable!! The moment I hear about a new topic in class, I start hoping you have a youtube video uploaded out thr!! Thx a ton!! :)
Man, you're amazing. Come teach at my university. Actually understand the idea of indifference after watching this. Thanks a lot, keep making videos mate!
when you get an increase of the budget, this cuts the indifference curves in a higher combinations of food and cars,,, but the utility decreases the more you buy any of those items, How does it affect the indifference curves?
Thanks a lot. That really helped me but I have one question: Why isn't the path of the way the spending changes linear? You give the example of it bending towards the "cars" and I don't get that.
this is really useful, i've passed my microeconomics 1 exam without knowing this(with bad score but still) and now that i learn the second part, finally I got exact knowledge what the hell the indifference curve is...
So one would assume that the budget line (BL) intersects the indifference curve (IC) only at one point, the point of tangent, and if we equate the first differential of the IC with the slope of BL we will get the points at which they intersect?
@MrKingJumbo thanks for getting in touch- as the consumer has more to spend (and their budget line shifts outwards) they choose to use a greater proportion of their extra income on cars. Cars mus have greater income elasticity of demand in my example... pajholden 1 sec ago
@okam101 Hi Okam, you are right. Indifference curves could be linear if perfect subsitutes are involved. For that, the marginal rate of subsitution is constant throughout. Optimal utility could be achieved by solving for corner solution.
Perhaps a silly question -- isn't the PPC conceptually similar to the budget line? If so, why isn't the optimal point on the budget line the midpoint as it is on the PPC?
I have learned more from this man in one video than I have from my econ professor all semester.
me too !!!
Linds true m8
@@jamlessjimin1552 currently preparing for a midterm and I attend a top 3 MBA program in the US, and have learned a lot from this video in 10 minutes and will definitely help with my preparation.
Same mate!
Don't compare because your professor gave you an introduction to the topic and now this lecture here is complementing the knowledge you gained from the professor.
I find Economics much more interesting taught in a British accent.
These videos taught by this man are amazing, clear and simply taught. I find my economics book which I use for class extremely complex (and scary). I have avoided economics my entire life but I need to learn it in order to obtain my Master's degree (Public and International Affairs). The videos on this channel are saving me from failing my Intro to Microeconomics class.
This Guy deserves a medal..
Finally, I found something literally useful to understand indeference curve , Thank you sir!
This is better than my microecon book, done in ten minutes that most teachers spend a whole lecture on.
TH-cam (or some other service) should become an open forum for professors to compete. This video for instance becomes the gold standard for indifference curves. The next teacher is free to try and beat this, ranked by voting and judging. Eventually we'll have a full video suite on microeconomics better than any college. For free.
This could work for many subjects.
This video was great. I've been struggling along with my textbook trying to get an understanding of indifference curves all afternoon. You just explained it in less than 10 minutes. Thanks!
awesome!! My brain was fried last night and today I woke up with a positive attitude...and looking at this video i'm so happy to say this helped!!! please keep it up!!! awesome!!!!v
Good work, I enjoy your lessons as they are very simple and to the point.
don't have words to express my gratitude for the prof.Great job sir. carry on with the noble job. Everything crystal clear and understood.
Good lord, how beautiful these curves are once you get a hang of them. This helped immensely.
No idea what my professor was tring to say about indifference curves and budget constraints. Your video cleared it up...thanks. BTW I have been watching your videos for a couple of years. Very helpful.
You are a god send. You helped me loads through A Level Economics and now you are helping me through my degree. Thanks and continue making great videos.
Economy was one of the subjects that made me sleep all the time. You've just changed that. Great video. Thanks.
Yes sir, you have done a tremendous excellent job by elaborating this topic. Which took me one week to try to figure out what the heck was going on! Thank you so much for making life soooooo much easier! Many thanks!!!
You can tell how passionate he is by the way he beats up the chalkboard! I dont recall my professors ever doing that, Paj, your the best!
wow, it's like making a three-page discussion in a book into 10 minutes but with the same content. thanks for making our lives easier.
Point to point explanation. Live long Professor
you are an excellent human being
Thank you! You are excellent at explaining complex problems. I have watched your other videos and found them also to be a life saver.
Clear as water.The best explanation I've found on the subject. Thank you so much.
I'm graduation from TH-cam University. i don't have a fancy degree to prove that I memorised shit I don't understand, but I actually have the priceless knowledge and understanding of practical things.... All for free. Thank you
Very helpful, particularly your explanation of why indifference curves are convex at 01:53. Many thanks!
Some more props van Amsterdam. Have an exam next week on micro economics. This vids really are really helping me to comprehend issues better.
I learnt more in this 9minutes than I did in my 1HOUR lecture! big big thanks!
thank you so much! unbelievable how a 10 minute video is more useful than a whole chapter in a book!
Im doing a degree correspondence, so lectures like this are invaluable. You are the best economics lecturer on TH-cam :D
I have no idea how you explane everything in 10 minutes and my lecturer needs hours to explain. plus, I understand everything here and nothing in the university!
thanx a lot!
very well done. finally, an economist that can teach.
Excellent video, thank you very much. You seem to have an ease to explain concepts logically and clearly which many, many other teachers don't have.
Great. Just started studying this. This video has really complemented the coursework nicely. Thanks a lot. *Subscribed*
Teachers are amazing; thank you so much for taking the time to do this. As you can see, you have helped many people!
Yessss! You explain this so beautifully. I understand indifference curves and the PPF/budget line more now.
Great job, thanks alot sir, you explained it so clearly and gave reasoning to everything you said, great job :)
Whaaaaaaaaay my lecturer isn't this good . Thanx a lot 4 helping me and thousands to understand.
hey, thanks.
Another good and interesting video! I'm enjoying these very much.
A million thanks and a million wishing you a great life because this helped me with my assignments.
really amazing 10 minutes approx 3 concepts cleared .. love u sir and God bless you!
Give this man a medal, he explained in 10 minutes what my professor explained in an hour.
I just wondered why did you stop uploading videos, you are so GREAT!!!!
Excellent class I understand everything about ppc
Best explanation I've seen yet, thank you sir.
Very helpful..... Thanks a lot,....
All the way from Namibia.
such amazing teacher that is why i subscribed
i wish u were our economics prof in our college.. i would never have failed with a teacher like u .. thanks alot..
this is simply superb..i cant belive i am studying for my Grad exams of youtube....
Very helpful :) nice explanation
Phil,
You make economics sound so easy and understandable!! The moment I hear about a new topic in class, I start hoping you have a youtube video uploaded out thr!!
Thx a ton!!
:)
wow you just saved a student on his midterm exam. thank you very much! you have been subscribed
Very good and concise presentation.
Thank you so much. I really do hope your an economics teacher, cause you are an amazing teacher.
Thanks I'm taking Micro online and you've been a great relief.......
Man, you're amazing. Come teach at my university. Actually understand the idea of indifference after watching this. Thanks a lot, keep making videos mate!
Incredible! Thanks & appreciation from Amsterdam!
Thank you. Your explanation is impeccable.
That was really helpful; especially now I'm revising for my exams
Excellent, very well explained...
this man is a genius! love his videos!
I'm in an international economics course, but I haven't taken intermediate micro for a year and this served as a really good refresher!
Such a good teacher. Thanks a lot.
Excellent videos. Well done
A brilliant explanation............thanks a lot :)
Excellent Video!👌
Love this guy, saved me on my last mid term.
Turns out, the concept is fairly straight forward, thanks
literally got more from this 10 min video than my 2 hour eco lecture cause my lecturer is useless. thanks heaps!
Amazing video, thank you so much!
when you get an increase of the budget, this cuts the indifference curves in a higher combinations of food and cars,,, but the utility decreases the more you buy any of those items, How does it affect the indifference curves?
Thank you! I understand it a lot way better than reading it with so many technical terms in books.
This has shed more light than i thought it would
Thank you very much, your videos are superb.
Thanks a lot. That really helped me but I have one question:
Why isn't the path of the way the spending changes linear? You give the example of it bending towards the "cars" and I don't get that.
Brilliant explanation sir!
The best explanation I've ever seen about these curves, thank youu.
Thank you! my lecturer went through this immensely fast and assumed we all understood it just like that, thank you again!
Helpfull for my presentation..thnx
Perfect! Clear and precise.
Great video, thank you for sharing!
this is really useful, i've passed my microeconomics 1 exam without knowing this(with bad score but still) and now that i learn the second part, finally I got exact knowledge what the hell the indifference curve is...
You sir have been sent by God!! I really needed this, thank you so much!!
So one would assume that the budget line (BL) intersects the indifference curve (IC) only at one point, the point of tangent, and if we equate the first differential of the IC with the slope of BL we will get the points at which they intersect?
Extremely well explained.
great class. The light has shone for me! Thanks a lot!
The better idea i gain. Thank You sir :)
I learnt more in this 9 minutes than I did in my 1 week of college !
Never comment on videos, but this was fantastic and really helped me understand :) good job.
This is a very helpful video. Thanks!
hats off to you, thank you for all your hard work!
Very well explained 😋 ty ;)
Extremely helpful! merged two of my classes together
@MrKingJumbo thanks for getting in touch- as the consumer has more to spend (and their budget line shifts outwards) they choose to use a greater proportion of their extra income on cars. Cars mus have greater income elasticity of demand in my example...
pajholden 1 sec ago
@okam101 Hi Okam, you are right. Indifference curves could be linear if perfect subsitutes are involved. For that, the marginal rate of subsitution is constant throughout. Optimal utility could be achieved by solving for corner solution.
i'll be having my paper tomorrow and this is such a great help. thank you so much!
you saved my life thank you so much. very well explained.
awesome video! Great help!
Thanks a lot!
thank you ! your videos are very helpful and amazing !
very helpful, it help me to understand this topic well
thanks a lot for this lecture.
Perhaps a silly question -- isn't the PPC conceptually similar to the budget line? If so, why isn't the optimal point on the budget line the midpoint as it is on the PPC?
Awesome, very helpful