Some people I don't like your comment did you follow to hear is sigh or you followed to learn ...this topic is very important thanks so much sir don't mind this people continue with the good work
Thank you so much, you have no idea how much of a lifesaver you are smh. My midterm is tomorrow (half my grade!!) and I wasn't getting this until I saw your video. I just finished 2 problems w/ your help. God bless you sir.
Dude, you may have jut saved my life. I would love to sign a lifelong binding contract that entitles you to 50% of my futere earnings in the economic sphere.
Very useful video! Really liked the way you showed how to solve it rather than skipping steps like other tutorials. Only issue was I had to speed it up 1.5x because voice over was really slow haha
thank you very much for the video. i have been struggling with a similar problem where U=(x+14)(y-2) px=4 and the combination of goods was 86x and 52y . I was asked to calculate the income. I didnt have a clue to solve untill i did a derivation of the function and so on...thank you! now I can move on!
U(x,y) = 3xy^2 is the utility function. In textbook or exam problems this is almost always just given. It can take many different forms, so sometimes it might be = xy, sometimes it might be = 3xy^2, sometimes it might be = 2x + y^0.5 or even something else. Each different way we can model the utility function gives slightly different properties and preferences for the consumer, and determines which bundles the consumer would like more than which other bundles. So ultimately how the utility function looks will depend on what real types of preferences we are trying to represent with this mathematical model.
I have a question. my question reads supposed you have 5 fish and 5 coconuts to get an extra unit of fish you have to give up 2 coconut. draw a budget line
what if the slope of the utility isn't equal to the budget line, like the result of the derivative of the utility equals 1/2 but the X=1 y=3, so the slope of the budget line equals to 1/3? How can I find the bundle point?
Mu utility was 76800 & yours was 7680 please explain order of operations for calculating 3xy^2 did you only square the 16 instead of the result of the 16 and 10?
Please I’m lost on how you get the 3xy square and the 6xy , all that I saw is that you started writing that without any explanation and I’m now taking Econ’s at university so please help me out
Hey, i found my teacher a little bit tricky, where x is py is 4. And y is px is 2. How i supposed to do? Px/Py = MUx/MUy; or Py/Px = MUx/MUy? And i did the second. Am i wrong?
It's the partial derivative of the function with respect to y. The derivative of (y^2) is 2y, multiply that with (3x) which does not change since it is considered a constant when computing the partial derivative. The result is (3x)*(2y) = 6xy. :)
yes that is true, but the MRS is always (-1) the slope of the indifference curve. Since the IC is always negative for normal goods, it's implied that the MRS will be positive. He didn't explicitly show it, cause it's assumed.
The way you sigh before you continue the problem is a mood, even if you're just out of breath or tired.
lol u are so unenthusiastic I love it
this made so much more sense to me than my professor or any other youtube video ive watched on the subject. thank you so much!
I love you.
Never forget that.
You can pin this so if you're ever feeling sad, you can come back to this video to remind you that you've saved lives.
I am watching this video before my end exam . It was more helpful to my paper . The way you teaches better than our professor. Thank you so much.❤️
I love you 😭😭😭, I have a test today! Now I understand this so well
RUclips carries students understanding of stuff. Thank you sir
Great job man! this really helped. At the end to find Y, you can also plug in x=10 into your original Y= 8/5x :)
This video is a life saver. I was struggling so bad at this but you explained it so well. Thank you so much
Some people I don't like your comment did you follow to hear is sigh or you followed to learn ...this topic is very important thanks so much sir don't mind this people continue with the good work
Thank you so much, you have no idea how much of a lifesaver you are smh. My midterm is tomorrow (half my grade!!) and I wasn't getting this until I saw your video. I just finished 2 problems w/ your help. God bless you sir.
Lovelyyyyyyyy!! I finally understood how to solve this problem!! Thank you so so much!
you saved my semester, I owe you my degree
Great video, this made the concept of utility maximization much easier to understand!
This is my review for my 300 level econ course. A huge thank you for making this straight forward.
duuuude you rock! Also the sighs killed me lol
Dude, you may have jut saved my life. I would love to sign a lifelong binding contract that entitles you to 50% of my futere earnings in the economic sphere.
Thanks so much for this lesson. I now understand equilibrium.
Please make more of such videos. Well explained 👏🏾👏🏾
Very useful video! Really liked the way you showed how to solve it rather than skipping steps like other tutorials. Only issue was I had to speed it up 1.5x because voice over was really slow haha
I love you💟💟 I've been looking for this for some time now
am really appreciated for quite fantastic explanation
I love it❤,,,i never understood my lec on that concept,,, Thanks 🙏
This video saved my bacon. Massive thanks!
thanks man, that video was extremely helpful:)
GR8 VID, saved me in my econ hw, thanks!
It's really clear to me.Thank you very much❤️
thank you very much for the video. i have been struggling with a similar problem where U=(x+14)(y-2) px=4 and the combination of goods was 86x and 52y . I was asked to calculate the income. I didnt have a clue to solve untill i did a derivation of the function and so on...thank you! now I can move on!
Twamh hi
How did u solve the differentiation of the utility
thanks so much, you saved me with this micro
man you are killing it !!!!!!!
how did you get U(x,y)=3xy^2? or is that just how the equation is always because i thought U=xy?
U(x,y) = 3xy^2 is the utility function. In textbook or exam problems this is almost always just given. It can take many different forms, so sometimes it might be = xy, sometimes it might be = 3xy^2, sometimes it might be = 2x + y^0.5 or even something else. Each different way we can model the utility function gives slightly different properties and preferences for the consumer, and determines which bundles the consumer would like more than which other bundles. So ultimately how the utility function looks will depend on what real types of preferences we are trying to represent with this mathematical model.
@@thecinimod nice
@@thecinimodwhere did the 6xy come from? Thank you
OMG thank you so much for this video!
THANK YOU SO MUCH, YOU SAVED ME!
Superb sir
You have mentioned u(x,y) = 3xy^2 ....Is that supposed to be an assumption
thank you so much, this really helped
if you use the Lagrange method do you have to plug the number you divided by back into the constraint and solve
well-done now I got an insight to solve similar problem
You have no idea the extend at which you have saved my school semester.
Great tutor..Thanks
I have a question. my question reads supposed you have 5 fish and 5 coconuts to get an extra unit of fish you have to give up 2 coconut. draw a budget line
Is the utility function U(X,Y)= 3XY^2 given in the question??
what if the slope of the utility isn't equal to the budget line, like the result of the derivative of the utility equals 1/2 but the X=1 y=3, so the slope of the budget line equals to 1/3? How can I find the bundle point?
Mu utility was 76800 & yours was 7680 please explain order of operations for calculating 3xy^2 did you only square the 16 instead of the result of the 16 and 10?
does it works for every utility funciton ? cobb-douglas, quasi linear ecc.?
Thank you!
Wonderful lecture
Please I’m lost on how you get the 3xy square and the 6xy , all that I saw is that you started writing that without any explanation and I’m now taking Econ’s at university so please help me out
Considero está bien explicado! I hope more see 🇪🇨
Hey, i found my teacher a little bit tricky, where x is py is 4. And y is px is 2. How i supposed to do? Px/Py = MUx/MUy; or Py/Px = MUx/MUy? And i did the second. Am i wrong?
just saved my life
Nice video.. why no more videos on this channel?
Where did you get the 6xy?
Life Savior 💪💪
Is this interior solution?
mans a W ngl
Thank you!!!
Great job!
Hey how can i go ahead to work on roy’s identity from that step you got (7680) . Thansk
what if i just get a scalar instead of y = (some)x, i get y = 8
how does MUy become 6xy How can the square disappear and the 3 become a 6. Great video though helpful process to follow
It's the partial derivative of the function with respect to y. The derivative of (y^2) is 2y, multiply that with (3x) which does not change since it is considered a constant when computing the partial derivative. The result is (3x)*(2y) = 6xy.
:)
Calculus derivative chain rule
Oops wait. I think it’s actually called the power rule of derivatives
omg thank you so much!!!!!!!!!!!!!!!!!!!!!!!
thankyou so much
help!!, what if i dont know MRS (3xy^2) and just have the solutuion MRS=1/2 … 1/2=4/5? makes no sence
thank you
shouldn't it be -Mux/MUy? so -y/2x or am I missing something?
Yeah you're right
please stop sighing . good video tho
merci pour cette video utility function: ça marche aussi pour 3 variables ( private goods, leisure, public goods); merci à youtube!
How did you calculate marginal utility of y=6xy?
you just take the derivative of U(x,y)=3xy^2 with respect to y so you bring down the 2 and you have 2 * 3xy^(2-1)= 6xy
still doesn't explain it for me, sorry, I did do calculus 101 loooong time ago but this explanation is not clear
this is a calculus III (partial derivative result) he doesnt exactly say thats what he is doing but it is
PX/PY should not be - PX/PY, due to the fact that it is a decreasing slope?
yes that is true, but the MRS is always (-1) the slope of the indifference curve. Since the IC is always negative for normal goods, it's implied that the MRS will be positive. He didn't explicitly show it, cause it's assumed.
❤❤
im confused as to how we got 6xy, can anyone explain to me
what if the utility function is first order
sorry how did you get U(x,y)=3xy^2 ?
it is given, it could be any function
Woww at least my heart is at rest
Uh bra, uh are genius
How about when there are three goods? beers, hamburgers and Fries? haha
🎉U=x the power of 0.5 times y the power of 0.5
LIFE SAVER THANK YOU
Sigh~~~lol, but really thank you so much!
for starters like me, that's not the way to go rlly
Neat
pleaseeee do more videos
Legon students, did you understand this?
i love u bby
Beer cheaper than hamburger.what utopian economy is that
i need to visit czec republic brah.
beer is cheaper than water i shit u not
Thank you soo muchh it was really helpful🫶🏻
Thank you!!!