CRYSTAL CLEAR ! can you make a video on how to derive optimal amount of factors that the firm needs to employ for this through Cobn - Douglas Production Function 😊😊
Sir it was indeed a nice video but I have some doubts...it would be very kind of you to please answer them.... first, why have we taken the exponent of ‘L’ as (1-alpha) ?? And second, while writing the production function, we have taken k^alpha and L^(1-alpha ) , that will always give z^ 1 ie. constant returns to scale....then how does it prove the fact that it is constant returns to scale …when we have already taken the production function such that it gives constant returns to scale ? Can’t we take some other exponent and prove this fact ? ......please sir do answer my doubts...thanks
re: why "1-alpha" as the exponent? That is because it is the definition fo Cobb-Douglas. If you wanted to make up another production function with different exponents and give it a different name that is great. The other questions I don't understand. If you got a different exponent on the z at the end then by definition it isn't constant returns to scale.
Hello I would like some Help Being a person with non math background i am facing issues in econ classses is there anything i can do to help my self biiks like chiang and sdyster are beyond my level.
that way is writing it is fine but can make it a little hard to track what happens when L increases. alpha < 1 so L is in the denominator of a fraction put to a negative exponent. an increase in L decreases the fraction and that smaller fraction is put a negative exponent (which turn smaller fractions into bigger numbers), so an increase in L increases the function overall
The production function is meant to model how much output a country can produce using its resources like capital and labor. The standard measure of income is GDP, which is the $ value of all the output produced by a country, so output and income are the same. If we have a model of output, like here, we can just as well call it a model of income.
So good. Dont knownwhy I wasted all that money on college when content like this is free on TH-cam
Hlo
Your explanation is so clear!! Thank you very much for complementing what I missed out in my lectures.
I know it's been a few years, but I was just curious. How'd the rest of your class go?
Aight, I've always been watching videos to learn what I missed in lectures while spacing out, but this was just brilliant, thanks
Yeah, same. How'd the rest of your class go?
Couldn't have understood the concept better! Thanks a ton!
I wish that Mankiw’s section on the Cobb-Douglas production function is just as clear as this.
Watching this on the day of the exam
How was the exame????
I can never thank you enough for this!
Thank you very much for your clear and concise explanation
I appreciate your kind words.
Love absolutely everything - Right from the content, explanation style to your voice; Brilliant and keep posting!!
Excellent explanations! Really great and easy to understand (at least comparatively). I liked! I subscribed!
CRYSTAL CLEAR ! can you make a video on how to derive optimal amount of factors that the firm needs to employ for this through Cobn - Douglas Production Function 😊😊
excellent video
I dont know how to thank you enough for this! God bless you!
Steve you’re saving my life here
Very illuminating. Thank you, sir.
Great explanation. Couldnt be more better . Thankyou so much❤
Thank you! first, video I found on this that actually helps
Wonderful presentation
Thanks for the helpful video Steve!
Really well explained! Thank You!
you seriously saved me... thanks...
great video, also helps that you sound like Owen WIlson
Thank you soo much for this video. This helped a lot.
Hello, my question is how do you tell when the value of K and L has increased? Thanks
Thank you very much merci beaucoup
Thank you so much!
Sir it was indeed a nice video but I have some doubts...it would be very kind of you to please answer them.... first, why have we taken the exponent of ‘L’ as (1-alpha) ?? And second, while writing the production function, we have taken k^alpha and L^(1-alpha ) , that will always give z^ 1 ie. constant returns to scale....then how does it prove the fact that it is constant returns to scale …when we have already taken the production function such that it gives constant returns to scale ? Can’t we take some other exponent and prove this fact ? ......please sir do answer my doubts...thanks
re: why "1-alpha" as the exponent? That is because it is the definition fo Cobb-Douglas. If you wanted to make up another production function with different exponents and give it a different name that is great. The other questions I don't understand. If you got a different exponent on the z at the end then by definition it isn't constant returns to scale.
Ok sir I got it. Thank you:)
@@deekshaseth1566 only with those exponents will the production function give constant returns to scale, because they add up to 1
Hi
Thank you 3001...
Why is labour share and capital share always constant?
Why can't it change over time.? Why CD is always CRS?
Great video. Thank you
Thank you. It was really helpful.
Hello I would like some Help Being a person with non math background i am facing issues in econ classses is there anything i can do to help my self biiks like chiang and sdyster are beyond my level.
Is very encouraging
Keep up the good work
Great Video thanks 🙏
what if the homogenous degree one function and constant return to scale violent in cobb douglas production function?
thank u very much Sir!
This video was Cobb Douglawesome! 👍
May I ask why L in MPL minus 1?
You're brilliant!
when differentiating, why is ak to the alpha not treated as a constant, as it is a multi-variate function no?
you're right, when partially differentiating with respect to L the AK^alpha part should be and is treated as a constant
thank you!
Thank you
Superrrr useful
it is very useful ,thx
how do you find A when given quantity, capital, and labor, over x amount of years?
you also need a production function so that you can set up the equation, output = Af(k,l), and solve for A
georgiana rodriguez
Whats the capital A? Where do I get it, why is it there, etc?
life saver!!!! Thx!!!!!
could i not also write MPK as alpha * A (K/L) ^ (alpha-1) ? then if L increases MPK decreases...
that way is writing it is fine but can make it a little hard to track what happens when L increases. alpha < 1 so L is in the denominator of a fraction put to a negative exponent. an increase in L decreases the fraction and that smaller fraction is put a negative exponent (which turn smaller fractions into bigger numbers), so an increase in L increases the function overall
@@stevewhite1110 Great, many thanks!
pls i need more lecture on it
I couldn't do it... I couldn't make it through... that tapping noise 😖
Thanks little teacher
thanks
Why income is the same as production function tho?
The production function is meant to model how much output a country can produce using its resources like capital and labor. The standard measure of income is GDP, which is the $ value of all the output produced by a country, so output and income are the same. If we have a model of output, like here, we can just as well call it a model of income.
Professor, pls dont make the first mid term so hard. xD
God bless u
I am a bba student, never gonna use this in my life, why am I studying this .....
he sounds like Teddy Mcdonald from Snowfall
cool.
love u
CRS: Constant Return to Scale.
Nice
6:30
thank you sir, great video i love you, lets get gay marriage
😂😂😂😂 gay or get?
i am here because i want to learn how to get more DXDY rewards. Anyone with me? haha🤑
Differentiation of MPk was wrongly done, rules of indices was not correct.
v
thank you so much!
Thanks