That's so nice thanks! I think about how to make the videos a lot and sometimes I get it right! Good luck with your study :)

Thanks for the lovely comment dv89112, sounds like you're thinking about things really well! :) keep it up!

That's so nice C Maks! I feel so appreciated because of your comment and I am inspired to do more videos. Thanks for the encouragement, I hope that ace your exams :)

You're welcome! So glad to help! Thanks for the comment :)

You’re so sweet! So happy that the video helped! Sorry it was so fast I get too excited and I rush! I will think of this next time 🙏🙃 🤔

I'm so glad! Good luck with your studies Annie!! :) :)

Thank-you Yulia for the comment! All of the best with your studies!

Thanks so much for your comment I really appreciate it! I'm glad the video helped!

Haha yes I know these books! Good luck with your studies! :)

So nice of you to say! Good luck with your study!

Welcome! Good luck with your study!

You're so nice Star Twinkle! I hope you ace your exams :) :)

Most welcome 😊 Good luck with your study!

Most welcome 😊 Thanks for the comment!

Nice! Thanks so much for the comment, good luck with your study 😊😊

Oh that's an idea! I haven't looked at those models in ages- I remember especially the Heckscher-Ohlin model was fun. I have a little newborn atm so am time poor but will put it on my list of things to do.

Thank-you for the comment! I'm so glad the video helped I hope you do well in your studies!

Thanks for the comment, good luck with your studies :) (fyi I didn't know what that meant and now I learnt a new acronym lol!)

@@econhelp_official lol I borrowed this one from my friends 😂.

Hi Nurbek. How's this... Usually we discuss LRAC curve as U shaped, so it goes from decreasing to increasing - like a bowl shape - the lower envelope of the SRAC curves. Well... if you believe this, then you must also accept that for the area that LRAC is decreasing, the LRMC is beneath the LRAC, and where the LRAC is increasing the LRMC must be above the LRAC. LRMC curve intersects LRAC curve at the minimum of LRAC. I go through this logic here, as it relates to the SR curves, but it's the same logic: kzfaq.info/get/bejne/Y8yYl5xkndWveaM.html. So our shape of our LRMC curve is then linked to the reasons why our LRAC decreases and then increases! We usually talk about as due to economies of scale or diseconomies of scale. Actually I think wikipedia is pretty good on this on why we get economies of scale / diseconomies of scale, though i didn't read it very carefully: en.wikipedia.org/wiki/Diseconomies_of_scale; en.wikipedia.org/wiki/Economies_of_scale. One thing to note is that the LRMC is flatter than the SRMC curve (so not as steeper increase in MC as we increase quantity), because we have more flexibility in our choice of inputs (as you say, our inputs are variable) so we can choose the most cost effective way of producing the marginal unit. I have taught courses where this is not clear in the text or diagrams, and I think it's because it's treated as a finer point, and so text books skip over it, but it's something to note... the LRMC and SRMC don't have exactly the same shape, just similar. I hope that helps?!

@@econhelp_official It's much clearer to me now, especially when you said, that LRMC is flatter, it makes sence. Thank you very much!