Utility Maximizing Bundle

Рет қаралды 254,307

8 жыл бұрын

How to find the utility maximizing combination of two goods given the price of each good and the utility function U(x,y) of a consumer.

Пікірлер: 103

@gabriella8141 3 жыл бұрын

The way you sigh before you continue the problem is a mood, even if you're just out of breath or tired.

@otter4596 6 жыл бұрын

lol u are so unenthusiastic I love it

@qlmnauyjvewrh1542 4 жыл бұрын

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.

@samgreer4758 5 жыл бұрын

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!

@WorldWide2017 4 жыл бұрын

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.

@shireenkhan6847 2 жыл бұрын

This video is a life saver. I was struggling so bad at this but you explained it so well. Thank you so much

@jordansipos4077 3 жыл бұрын

This is my review for my 300 level econ course. A huge thank you for making this straight forward.

@hezb1996 4 жыл бұрын

I love you 😭😭😭, I have a test today! Now I understand this so well

@play3rm3x 4 жыл бұрын

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 :)

@nawodyawishvakeshani1287 Жыл бұрын

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.❤️

@toshow237 3 жыл бұрын

Great video, this made the concept of utility maximization much easier to understand!

@chawanzimubipe9441 4 жыл бұрын

you saved my semester, I owe you my degree

@teddytaylor3373 2 жыл бұрын

KZfaq carries students understanding of stuff. Thank you sir

@chrisalfar 6 жыл бұрын

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

@rayalibux 4 жыл бұрын

duuuude you rock! Also the sighs killed me lol

@akinrinaderihanat9013 2 жыл бұрын

Thanks so much for this lesson. I now understand equilibrium.

@benbroyles1777 Жыл бұрын

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.

@leticiacardoso252 8 ай бұрын

Lovelyyyyyyyy!! I finally understood how to solve this problem!! Thank you so so much!

@gracebwakya5493 3 жыл бұрын

I love you💟💟 I've been looking for this for some time now

@tipany1472 6 жыл бұрын

GR8 VID, saved me in my econ hw, thanks!

@theedenda6473 Жыл бұрын

Please make more of such videos. Well explained 👏🏾👏🏾

@mr-beeee555 3 жыл бұрын

THANK YOU SO MUCH, YOU SAVED ME!

@QuynhNguyen-ft8zl 3 жыл бұрын

thanks so much, you saved me with this micro

@knobyogurt 3 жыл бұрын

This video saved my bacon. Massive thanks!

@fredrikkauffmann6030 7 ай бұрын

thanks man, that video was extremely helpful:)

@isuripathiraja5957 3 жыл бұрын

It's really clear to me.Thank you very much❤️

@pclark3389 3 жыл бұрын

OMG thank you so much for this video!

@ineslontrade2708 2 жыл бұрын

thank you so much, this really helped

@victormuvisindei7218 9 ай бұрын

I love it❤,,,i never understood my lec on that concept,,, Thanks 🙏

@chumamemela6217 3 жыл бұрын

man you are killing it !!!!!!!

@koangpalreat7265 5 жыл бұрын

well-done now I got an insight to solve similar problem

@Twamh 7 жыл бұрын

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!

@hezb1996 4 жыл бұрын

Twamh hi

@hezb1996 4 жыл бұрын

How did u solve the differentiation of the utility

@priskilafillipus Жыл бұрын

Great tutor..Thanks

@simonedisalvatore6832 3 жыл бұрын

does it works for every utility funciton ? cobb-douglas, quasi linear ecc.?

@massimilianogazzale5847 5 жыл бұрын

Great job!

@evelynsiete3956 2 жыл бұрын

Considero está bien explicado! I hope more see 🇪🇨

@wrjazziel 3 жыл бұрын

Thank you!

@devvratsharma7376 3 жыл бұрын

omg thank you so much!!!!!!!!!!!!!!!!!!!!!!!

@thatkid2467 9 ай бұрын

if you use the Lagrange method do you have to plug the number you divided by back into the constraint and solve

@victorwallec2534 5 жыл бұрын

help!!, what if i dont know MRS (3xy^2) and just have the solutuion MRS=1/2 … 1/2=4/5? makes no sence

@thowathreatkuon6950 2 жыл бұрын

Wonderful lecture

@OfficialLakaka 3 жыл бұрын

Thank you!!!

@guzmanadventures 3 жыл бұрын

just saved my life

@pro-mario16 Жыл бұрын

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?

@Simple_living25 3 жыл бұрын

Nice video.. why no more videos on this channel?

@bernardcotton721 7 жыл бұрын

merci pour cette video utility function: ça marche aussi pour 3 variables ( private goods, leisure, public goods); merci à youtube!

@ramuravada3682 2 жыл бұрын

Superb sir

@blackstocktrader9999 4 жыл бұрын

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?

@rohakamal6551 7 жыл бұрын

how did you get U(x,y)=3xy^2? or is that just how the equation is always because i thought U=xy?

@thecinimod 6 жыл бұрын

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.

@AlokJadva Жыл бұрын

@@thecinimod nice

@rafsanmahboob9634 Күн бұрын

thank you

@chaquila2554 2 жыл бұрын

thankyou so much

@DawgFL 3 жыл бұрын

what if i just get a scalar instead of y = (some)x, i get y = 8

@joshuaeliver1029 2 жыл бұрын

Where did you get the 6xy?

@muhammadfadhilah3640 2 жыл бұрын

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?

@auviussimanansa2257 Жыл бұрын

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

@abdirashiidmohamedrashiida7553 2 жыл бұрын

Hey how can i go ahead to work on roy’s identity from that step you got (7680) . Thansk

@dkrlqo 5 жыл бұрын

LIFE SAVER THANK YOU

@jeronimom1593 4 жыл бұрын

what if the utility function is first order

@Norris_Ria 2 жыл бұрын

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

@aliahvanterpool456 Жыл бұрын

im confused as to how we got 6xy, can anyone explain to me

@ajaykumar-bg1hv Жыл бұрын

❤❤

@clairelolification 7 жыл бұрын

pleaseeee do more videos

@mayanlord9086 9 ай бұрын

You have no idea the extend at which you have saved my school semester.

@shyrese139benjamin4 9 ай бұрын

Is this interior solution?

@masiwei8830 Жыл бұрын

mans a W ngl

@nazznat2251 Жыл бұрын

Life Savior 💪💪

@frasermarshall7352 5 жыл бұрын

how does MUy become 6xy How can the square disappear and the 3 become a 6. Great video though helpful process to follow

@Toobadsososad 5 жыл бұрын

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. :)

@bendover3686 5 жыл бұрын

Calculus derivative chain rule

@bendover3686 5 жыл бұрын

Oops wait. I think it’s actually called the power rule of derivatives

@MrDiranad 7 жыл бұрын

sorry how did you get U(x,y)=3xy^2 ?

@FagnerDeschain 7 жыл бұрын

it is given, it could be any function

@hashbrowncookie8444 5 жыл бұрын

shouldn't it be -Mux/MUy? so -y/2x or am I missing something?

@asolalita5558 4 жыл бұрын

Yeah you're right

@user-od3pc3zm1l 6 ай бұрын

Is the utility function U(X,Y)= 3XY^2 given in the question??

@pkelleher2011 8 жыл бұрын

How did you calculate marginal utility of y=6xy?

@glorig4152 7 жыл бұрын

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

@jug3435 6 жыл бұрын

still doesn't explain it for me, sorry, I did do calculus 101 loooong time ago but this explanation is not clear

@jammcrusader1981 5 жыл бұрын

this is a calculus III (partial derivative result) he doesnt exactly say thats what he is doing but it is

@hexoonable 6 жыл бұрын

i love u bby

@salomluvinga8850 Жыл бұрын

Uh bra, uh are genius

@jewbarrymore_ 7 жыл бұрын

PX/PY should not be - PX/PY, due to the fact that it is a decreasing slope?

@Meatcrob1 7 жыл бұрын

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.