I am currently taking an intermediate microeconomics class and the professor is simply... not good at teaching. I have never been so clueless in my life but your videos make everything so simple. Thank you so much for saving my life.
Each exponent only needs to be greater than zero for Cobb-Douglas. You can always normalize the exponents to sum to 1 if you like. U =(X^3)(Y^2) becomes U = (X^.6)(Y^.4) when exponents are normalized to 1. Both these utility functions give the same utility maximizing consumption bundle for a given budget constraint.
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I am currently taking an intermediate microeconomics class and the professor is simply... not good at teaching. I have never been so clueless in my life but your videos make everything so simple. Thank you so much for saving my life.
Finally, a good shortcut 🙌
Would this work for finding total cost of firm production function?
Does this work with 3 goods etc?
how is this a cobb-douglas function i thought the exponents in the utility function have to add up to one
Each exponent only needs to be greater than zero for Cobb-Douglas. You can always normalize the exponents to sum to 1 if you like. U =(X^3)(Y^2) becomes U = (X^.6)(Y^.4) when exponents are normalized to 1. Both these utility functions give the same utility maximizing consumption bundle for a given budget constraint.
@@EconomicsinManyLessons can I send u a question 😔 through ur email
Very easy thanks
thank you
Wow