omg, thank you! i've been all over different open courseware sites and you are the first person to REALLY use calculus. everyone else is stuck in their jargon. now if someone will just plot Q on the y-axis where it belongs...
I think quantity is on the horizontal axis because that is the independent variable. We are doing stuff to the quantity to see what happens to the price, which is why the price is on the y-axis.
No. No. No. When you set the equation df/dq=0, you are finding the max value of that parabolic function to be at 18. Finding the maximum and minimum values of a function is one of the primary purposes of differential calculus. That point should have been made out loud! Moreover, I prefer the phrase "instantaneous rate of change to the word "slope". That's because differential calculus of the two example equations is being used in the abstract, ie, it is being used to describe monetary functions rather than pure math purposes. Other than that, this could be a very useful video if Burke had adequately defined the economic terms, such as "total benefit", "total surplus", "consumer surplus," etc. As it stands, it does give "the student who took calculus but didn't understand it" a glimmer into why he spent time learning to differentiate and integrate functions. I rate this a good, ten minute intro.
I'm not sure what you are saying no to... can you try to be clear? As I explained: Finding where the slope equals zero tells you WHERE the function is at a maximum or minimum, but it does NOT tell you the maximum value. You see that the maximum of the function occurs where Q=18- you can see the maximum value of the function is not =18, but it is around 120. (I know quite a lot about calculus, so I would really like to understand what you find objectionable or are confused about.)
omg, thank you! i've been all over different open courseware sites and you are the first person to REALLY use calculus. everyone else is stuck in their jargon. now if someone will just plot Q on the y-axis where it belongs...
I think quantity is on the horizontal axis because that is the independent variable. We are doing stuff to the quantity to see what happens to the price, which is why the price is on the y-axis.
This was simply amazing , and you did it all in 10 min. . You have a gift, thanks
for sharing this information in such a clear and concise manner.
+Steve Ligon :) Thanks, man!
1:44 I don't know where 18 came from, I am sorry because I am very weak in calculus. Tell me, please!
It is algebra: Solve 12-(2/3)Q=0 for Q. Add (2/3)Q to both sides to get 12=(2/3)Q, then divide both sides by (2/3) to get 12/(2/3) = 18.
Thank you so much, I got it and it really helps!
What are the limits of integration?
LOVE IT
THANKS
Thank you!
No. No. No. When you set the equation df/dq=0, you are finding the max value of that parabolic function to be at 18. Finding the maximum and minimum values of a function is one of the primary purposes of differential calculus. That point should have been made out loud! Moreover, I prefer the phrase "instantaneous rate of change to the word "slope". That's because differential calculus of the two example equations is being used in the abstract, ie, it is being used to describe monetary functions rather than pure math purposes. Other than that, this could be a very useful video if Burke had adequately defined the economic terms, such as "total benefit", "total surplus", "consumer surplus," etc. As it stands, it does give "the student who took calculus but didn't understand it" a glimmer into why he spent time learning to differentiate and integrate functions. I rate this a good, ten minute intro.
I'm not sure what you are saying no to... can you try to be clear? As I explained: Finding where the slope equals zero tells you WHERE the function is at a maximum or minimum, but it does NOT tell you the maximum value. You see that the maximum of the function occurs where Q=18- you can see the maximum value of the function is not =18, but it is around 120. (I know quite a lot about calculus, so I would really like to understand what you find objectionable or are confused about.)
Yes. Yes. Yes. Burke Academy rocks! Please share your link where you produced a better explanation.