Cost-Benefit Analysis- Micro Topic 1.5
ฝัง
- เผยแพร่เมื่อ 28 ส.ค. 2019
- Hey internet! This is Jacob Clifford. In this episode I explain explicit and implicit benefits and costs. I also define utility and explain the idea of cost-benefit analysis.
The answers to the practice questions are in the comments below. Be sure to let me know how you did on the quiz AND if you understand why the guy that went to his girlfriends movie still picked teh option that he wanted to do. Also, let me know how much you would accept for your dog (or cat or parakeet). Thanks for watching my econ video. You rock!
Our song
• Dionne Farris - Hopeless
The answers to the practice questions are below. Just click on "Read more". Be sure to leave a comment and let me if you understand why that guy was wrong about the movies.
1. D
2. E
3. D
Thank you for subscribing!
that guy forego the fiction movie for potential future benefit with this girl. It's implicit cost that's not monetary or tangible but intrinsic and inherent with his "utility", or "happiness". Correct me if I'm wrong!
@Michelle Lucic Peggy is giving up 12,000 dollars that's she would have been making from the entire year of not having to go to school, and she is also paying 4600 dollars in order to attend community college.
Hey Jacob> ! i dont agree with your answers . I believe in the first case oportunity cost of atending college is 12.000 per year ( or lets say 24.000 ). And the oportunity cost of attending the concert should be 40 . I mean you are considering explcit or direct cost as oportunity cost as well. I mean , the hole equation of "economic cost" may be 90 bucks for atending the concert but only 40 bucks should be consider as the oportunity cost. Am i right??
i didnt get the second question , probably luck of english skills.
best!
Jacob Clifford i got it right yayy!!! Thank you for the course well explain in less than 10 minutes .
@Michelle Lucic You add instead of subtract
Something that helps me for calculating the total opportunity cost is:
what you pay + what you give up = total
I know that is a method that many people know and obviously Mr. Clifford explained it super well. I just found it much easier to do the questions when I outlined this step. Thanks for all the videos they have been super helpful!
Thank you!
thank you from the bottom of my heart, you are an amazing, outstanding teacher
Passed the BEC section of the CPA exam in part thanks to your material. Thanks!
Thank you very much for these free resources! Your videos keep me interested in learning Econ despite my boring lecturer at college haha
Just dropping in to say that your ultimate review packet was worth every penny! :D
I'll be taking AP Macro starting Wednesday. This should be pretty interesting.
Thank you for the super helpful video :)))
THANK YOU THIS HELPED ME SO MUCH
Un bon week-end mon cher Jacob... ♫
avoir beaucoup de joies ... ♫♫
J'aime ta vidéo ..
thank you Mr Jacob.C
Preparing for University. So far so good, looking forward to the entire program!
1. D
2. E
3. D
PS: Awesome video. the explanations made everything so easy to understand.
I still have the 20 billion Zimbabwe dollar you give me when you visited Charlotte!
this guy is my hero
Your teaching is amazing. Of course Economics always seems easy when you read it, but then when it comes to exams ooh it is hard.
Missed your videos alot ❤❤❤❤
I bought the 12$ videos and study guide a year ago. I am now taking microeconomics again in college. The playlist i bookmarked does not exist anymore. Guess I'll need to hunt for the videos in the right order.
good job Jacob
The boyfriend accepted the cost today in return for a benefit in the future (hopefully with interest adjusted)
actually , the boyfriend perceived a higher benefit on seeing her girlfriend enjoy the movie she liked , (or just in avoiding a potential argue), than the benefit he perceived on actually enjoying his movie of choice.
In terms of costs, the boyfriend perceived a higher cost on letting her girlfriend down than in watching a bad movie.
Please do indifference curve and consumer behaviour!
Had me thinking but i got them right.
Thank you sir
whiching your vido maximizing the utilty to time
good luck
thank you
thanks!
I was half expecting a copy of the notebook to be on the wall
i am currently making a quantitative research paper for school and my teacher advised me to do a cost-benefit analysis for my chosen topic. he told me to look it up in the internet, but i can't find articles for it. help omfg
"If you went to school today"
Does Zoom count?
He made the decision because he weighed the cost of her getting angry at him and the benefit of pleasing himself by watching what he wanted to watch. Obviously, if he forced watching what he wanted to watch, she'd get angry and he'd have to apologize, perhaps even spend money he would otherwise save for other things; the cost was higher than the benefit. So it doesn't disprove that fact because he actually wanted to please his girlfriend.
I have no problem with mayo but even I retched when you gulp down a spoonful.
Could anyone help me with quiz questions 1 and 3? Isn't the opportunity cost the next best option (which in the case of question 1 is the job with the offered salary of $12,000 per year)? Or is the opportunity cost both the implicit and explicit costs?
In Pop quiz number 3, Karen's opportunity cost is $40. How come the ticket expense ($50) is added too? I thought opportunity cost means the cost of the next best alternative. When the $50 is added to the $40, doesn't it become total economic cost?
In opportunity cost you have to factor in all variables that have a cost. Karen gave up 4 hours of work in which she could have been paid $40 so she could attend a concert that cost her $50. She essentially lost $90 for the opportunity to see the concert
are these videos and the ultimate review packet all updated for the new ap micro curriculm??
Yes. YES
Best part was penny story.
are implicit and explicit costs added together the oppourtunit cost, or is oppurtunity cost just the next best thing im kind of confuised
For what u asked about the guy in the class, why he is wrong is because say he went to the action movie and she went to the other one, they wouldn't be together so the utils he gets from watching the favourable movie alone is lesser than what he gets from watching the unfavourable movie with her
which movie clip was it?
he ate the mayonaise oh my😆😂😅😂😅😂😅😂😆😅😂🌺🌺
pray for me i’m 3 minutes away from my test 😖
Hope you aced it.. I am too late btw..
4:52 But what if i want to do something but CANT do something, what if i want to stop a severe bleeding but im not a doctor? What if my 2 options are set by others (and they both suck)? You want to something different but theres nothing you cant do.
Sir please explain Q.3. of pop quiz
this video emotionally hit me :(
Because of the poop part, right?
Hmmmm..... Mushrooms or posion... POISON!
I'm studying to be an economist and honestly it's just for the jokes. Why do accountants have such bad jokes and why are we so much better at them?
Awwwww the coins you are a cutie
Watching the movie, which he doesn't like, which she likes with his girlfriend has given him more utilities, than watching a movie with his girlfriend, which he likes, but she doesn't like.
f for the teacher who ate a full spoonful of mayo
The opportunity cost would be 12000 since that is the money you would be giving up to attend college. We need not include the tuition in opportunity cost.
Yes, factoring in the cost of tuition wouldn't be straightforward anyway. How much is taken as a loan? How would we factor in the interest payments? Would we use data to estimate it? Make assumptions about the loan and repayment schedule?
Check the key.
I'm also not the biggest fan of this question either but i've used it in class and explain that the money could have been used for something other, therefore it has an opportunity cost. IMO, a better suited question would have been to ask about the economic costs (which includes both explicit and implicit costs) rather than opportunity costs.
Is explicit and implicit cost both opportunity cost?
Yes. They are both opportunity costs. I didn't make that clear in the video
I guess the answer is B.. ? for the 1st question
Where is the answers for pop quiz
Time to quite my school... Lol..
I actually said dog feces
12000+4600 = 16600
The person who gave up ghis own favourite movie to whatch a movie his girlfriend liked was making an active choice- he could have insisted on his own movie or he could have watched it alone. However, instead, he decided to aquiesque to his girlfriend's insistance.
🎥👫
Shouldn't the answer to the first question be: 12000$ x 2 (It's a 2-year program, so Peggy gives up 2 years of work) + 4600$ = 28 600$?
I see what you are saying, but it asked for the ANNUAL opportunity cost
@@JacobAClifford Got it. I have to improve my English before learning economics 😅 Thanks for the answer.
@@VladDudnyk Can u explain , like he didn’t take the job. So the opc is 12,000
That guy was wrong bc the benefit he got from doing something his girlfriend enjoyed just knowing his girlfriend liked it was greater than the cost of having to watch a movie he didn't like
The answer is C because u are giving up 12000 at the job and you would still have to pay tuition fee of 4600 so u are giving up 12000 and also 4600 to go to college so the opportunity cost is 12000+4600=16600
I think you mean D
How
Could you explain
Oh I see its 2 year not one
Sorry my bad
Umm you never guessed my least favorite food sir
Dang, Mark Cuban! What a romantic you are! ...hey btw...your wife got a sister?
Where is the key ? 😅
I wrote dog feces...
Press F in chat for our teach that just ate a spoon full of mayo for this video
Me gusta sopa
Ans is 12000
Nope. Check the key
@@JacobAClifford ok. Thanks for the reply Mr. Clifford. You are simply great👍
Nah boi i would rather eat poison than chili peppers smh
i rather eat the poison
I didnt want to be born :)
Well that was out of the box.. lol..