For answers to the practice multiple-choice questions click on "Read more". 1. A 2. E 3. D Need more practice? Get the Ultimate Review Packet. It's FREE to start. Step 1: Go to: www.ultimatereviewpacket.com/courses/micro Step 2: Create a free account Step 3: Enroll in the free version of the Macroeconomics packet
@pietrocandriella78043 жыл бұрын
cut the beard, it makes you look older
@bambino1018 Жыл бұрын
@@pietrocandriella7804 and wiser, and more handsome
@ahmetbakisenayl39504 ай бұрын
Ahmed was here… Ahmed did the first question wrong because of a simple addition mistake! Ahmed learnt that you should never rush off on simple arithmetic. Ahmed is feeling better 😊
@MalutiChali2 ай бұрын
Thank you very much
@nachomegafart38353 жыл бұрын
The beard looks good, and i got the last two questions right! this channel is really good!
@emadali936311 ай бұрын
It has been years of learning economics from this fabulous teacher. he helped me in my A levels, BBA and I am again here for my MBA.... GOOD WORK SIR
@joshuashepherd19783 жыл бұрын
Great content. Filling in the blanks from my MBA professor's Econ for managers class. You are doing a great job making this fun and engaging. Thanks.
@uvotmin7 күн бұрын
Thank you for using Malone's Cones to make this a less monstrosity of a subject
@rroocasweq16463 жыл бұрын
Hi, Mr. Clifford! Thanks for your videos. I am now studying Political Science and decided to take courses in Economics. Your videos really helped me a lot especially in macroeconomics to which Mankiw complicates everything hahaha! By the way, YOU LOOK GOOD WITH YOUR BEARD!
@oliverhantu9103 жыл бұрын
Dwight has a beat farm? Does that mean he's DJing now? I love this content. I watched your sunk cost video right before I texted my ex....saved me.
@gabewinter94063 жыл бұрын
Keep it!, 6th year of watching your videos BTW, thanks for doing them!
@kenziewager693 Жыл бұрын
sir, you rock. sincerely a overworked college student that has a professor that uses too many big words. love ya man, thanks
@manuelrivera12853 жыл бұрын
I graduated from hs last year and I’m subscribed
@JacobAClifford3 жыл бұрын
Thank you. You rock!
@manuelrivera12853 жыл бұрын
@@Parsa_San damn you’re down horrendous
@sisulex203 жыл бұрын
followed him a few years back in college and still love watching his videos
@WaltDittrich3 жыл бұрын
I'm going through college for a Bachelor of Science Business Management. I'll be watching these videos for years to come!
@balloonsweesnaw70773 жыл бұрын
Thank you, this video was really helpful. I got all the questions right
@jacky5ish2 жыл бұрын
its Negative 5000 Dollars, option A
@jayshukla78663 жыл бұрын
The office reference is the only that could make this more interesting
@brifjslaod6951 Жыл бұрын
The office series reference was gold
@ludaibrasavenature20732 жыл бұрын
The beard is nice, actually I got the first and the last questions right thanks for ur work
@admn273 жыл бұрын
Its really helpful. Thanks Mr. Jacob
@benjaminblack86238 ай бұрын
Okay I got questions 2 & 3 correct. But in question 1, it says that Sally left her job where she mad $25,000 she used a space that she could have rented for $10,000 to run her new business. That would mean that she could have made a total of $35,000 with her job and the rent right? Sally made $30,000 in Accounting Profit from her new business ($155,000- $125,000). So if you take what she could have made which is $35,000 and take what she made from the business which is $30,000 then she missed out on an additional $5,000 right? which would mean her economic profit is -$5,000 right?
@tiberagamer61658 ай бұрын
i got my 3rd one wrong i was just silly reading it an screwed
@ardiaramadhani78746 ай бұрын
thats same like my answer
@niazmuhammad34683 жыл бұрын
This really helps us a lot
@yosefrabinow97883 жыл бұрын
AED
@niazmuhammad34683 жыл бұрын
You are amazing Sir
@za.jugabole3 жыл бұрын
A. -5000 As aconomic profit
@barborabubenikova42803 жыл бұрын
why is it - and not +?
@nandanramesh39392 жыл бұрын
@@barborabubenikova4280 As the Total Revenue from her printing business ($155,000) is less than her Total Costs (Implicit+Explicit = $25,000 (lost job) + $10,000 (lost rent) + $125,000 (the explicit costs of running the business = $160,000). Clearly, her economic profit is negative ($155,000 - $160,000 = - $5,000) despite her accounting profit being positive ($155,000 - $125,000 = $30,000)
@za.jugabole3 жыл бұрын
D. Because acc. Profit didn't count the implicit cost
@Benjaminthemighty2 жыл бұрын
if economic profit includes opportunity cost, why is it 0 at the end? if accounting profit does not include implicit costs, why is it positive because of implicit costs at the end? I'm confused.... Mr. Clifford, I must have misunderstood something - which is the implicit/opportunity cost one? -10/4/2021 Monday
@yiting74562 жыл бұрын
accounting profit includes only explicit costs, whereas economic profits includes both implicit and explicit costs. hence the later can be 0 even if the former is positive, assuming the amount of revenue earned is the same
@nandanramesh39392 жыл бұрын
Any cost is an opportunity cost. Opportunity cost includes both explicit costs and implicit costs. -------------------------------------------------------------------------------- Accounting Profit = Total Revenue - Explicit Costs -------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------- Economic Profit = Total Revenue - Opportunity Costs (Implicit Costs + Explicit Costs) ----------------------------------------------------------------------------------------------------------------------------------------
@Ron-do6to2 жыл бұрын
because even after calculating opportunity cost the balance is 0$; if you would have done that other thing(work for that job) the return you would've get from that would be equal to thing you did instead of it( say a business or something) Ig that's what Mr. Clifford is saying here**
@Rob-tq7xq11 ай бұрын
Beard is the way to go!
@akshatbajpai83049 ай бұрын
Thank You🙏❤
@migzwrld9093 жыл бұрын
Thank you!
@ireviewfastforyou4 ай бұрын
seeing mr.clifford age is definitely interesting.....
@JacobAClifford4 ай бұрын
I know. I'm so old now :(
@DistributistHound9 ай бұрын
So in order to be able to pay an ice cream 🍦for himself he has to make and sell 1.7 hence if this was an enclosed economy no one involved would be able to pay an ice cream without making and selling more o.o something is wrong here how does this fit within the circular economy flow theory?
@DevanshJain-be5sc3 күн бұрын
1 (A),2 (E)
@thickpurrrito325 Жыл бұрын
Thank you!! edit: awesome beard btw B)
@monamai86603 жыл бұрын
Beard looks good !
@jenniferguirado48272 жыл бұрын
you rock the beard look very well!
@ahria33613 жыл бұрын
Cool beard Mr Clifford :)
@timia99813 жыл бұрын
Thank you?!
@ConflictedSwitch3 жыл бұрын
What kinds of beats does Dwight grow on his beat farm? Is he eligible for an agricultural subsidy? 8)
@portergardiner47082 жыл бұрын
why is nobody talking about the milk on his shelf
@KMT1863 жыл бұрын
Beard is 👍
@moosefur3 жыл бұрын
I like the beard. Very distinguished.
@VocalVoltage2 жыл бұрын
Whats the movie called?
@ITSRACHELNINA2 жыл бұрын
It’s a show. The office.
@sofia91272 жыл бұрын
if only real econ profs were as cool as you...
@sakshamkumar29923 жыл бұрын
So lets suppose the total revenue of a cobbler is 10 dollars and the explicit cost is 2 dollars, so according to accounting profit, it 8 dollars. Now suppose the cobbler wanted to become an actor but is not one. So if he would have invested his time in acting rather than in the former job, he would gained more than 10 dollars, lets say 500 dollars (idk if its a just price). So, the economic loss is -492 dollars. So everyone in the world may have wanted to become someone else or may have become someone else with higher income than their present job if they would have invested their time in that dream job. So everyone in the world is in economic loss cause of their implicit costs (leaving the person with the highest income in the world). This does not makes any sense! As to have zero economic profit , the cobbler has to earn 500 dollars. If he manages to do so, then he may want to become a business person earning more....and it would go on and on. So there would never be an economic profit since you may have invested your time in some other job with higher income and other job with more income......and so on. The implicit costs may never stop as human desire is infinite.
@lunacatt Жыл бұрын
yeah true
@selenali7099 Жыл бұрын
❤
@za.jugabole3 жыл бұрын
E. The acc profit would be positive
@shrutisharma36313 ай бұрын
how?
@kevv.19124 ай бұрын
So, as she could have worked and gotten a good profit of 25,000 ( income ) but she chose to start up a business also not to forget the opportunity cost of losing the rent here 10,000. Futher, her allover revenue is 155,000 sounds great until all the costs getting deducted leaves 20,000 of income to her in accounting profit but she could have earned 25,000 thus she made an economic loss of -5,000
@lacalleinvisible3 жыл бұрын
Nice beard Mr.!
@naziahmuhammad58542 жыл бұрын
out of context but you look good with a beard 😎🔥
@lilawhite49403 жыл бұрын
Definitely keep the beard!
@tiberagamer61658 ай бұрын
quition 1 =-5000$ quition 2 =E quition 3= A
@bhekimasango94982 жыл бұрын
Keep the beard, its change. i like it!!!
@vinaysharma64293 жыл бұрын
beard looks so good
@aanchal17842 жыл бұрын
-$5000
@afra46173 жыл бұрын
i love you
@abuhurairamudassar55423 жыл бұрын
(A) -5000$
@ArunKumar-eo1ui2 жыл бұрын
A
@loodi31383 жыл бұрын
From Saudi Arabia
@umutozkan8713 Жыл бұрын
This does not mean I accept the video and comments but dont make picture of Prophets or make fun saying this as a Muslim
@vinaysharma64293 жыл бұрын
boom
@arjun64522 ай бұрын
how tf is the milk not gone bad???/
@unconditionallyclarise11 ай бұрын
Me in an accounting class🤡
@MichaelSmith-fc3fe3 жыл бұрын
Bitcoin is the feature investing in it now is the wesest thing to do now especially the current rise
@olivermason65603 жыл бұрын
Despite all the economic crisis this is the right time to start up an investment
@JamesJohnson-ss2bx3 жыл бұрын
Stocks are good but crypto is more profitable
@robertsmith66733 жыл бұрын
I wanted to trade crypto but got confused by the fluctuations in price
@williamgarrett90433 жыл бұрын
That won't bother you if you trade with a professional like Mr Gregory
@Joe-pv4xu3 жыл бұрын
I heard that his strategies are really good
@AkshayKumar-oi7un Жыл бұрын
What a beautiful boy
@controlover62104 ай бұрын
get rid of it
@yirenwendywang7850 Жыл бұрын
get rid of it!
@RaushanKumar-dd9df3 жыл бұрын
Grow a beard, looks good on you
@AbhishekChatterjee-ic1om3 жыл бұрын
Hey I think you should get rid of bread. You looked like a depressed. Although video is very helpful.
@LemurInBlack3 жыл бұрын
I thought this guy was arrested for doing stuff with female students