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Costs of Production- Microeconomics 3.3 (Part 1)

8188 ratings | 892712 views
In this video I explain the costs of production including fixed costs, variable costs, total cost, and marginal cost. Make sure that you know how to calculate the per unit costs: AVC, AFC, and ATC. Let me know what you think and please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next video-drawing the cost curves https://www.youtube.com/watch?v=qYKJdooEnwU Watch Episodes of Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH More videos about the costs of production- https://www.youtube.com/playlist?list=PLE70CA726102FB294
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Text Comments (514)
Nathan Brown (8 hours ago)
You’re awesome dude. This is your calling
Vaishnavi Sawant (1 day ago)
Man your making me crazy I didn't get you what you are trying to say you making things harder than it's....
Vedansh Nathani (3 days ago)
Cost curve yeay yeayyy
James Parker (13 days ago)
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makmix (21 days ago)
cost < benefit これはもう大学へ行く必要がなくなります。
faizan wali (27 days ago)
that's fantastic Mr ACDC........Thank you
Samah Aboelsoud (28 days ago)
Thank you so much
Eduardo Lozada (30 days ago)
tuttersbeats (1 month ago)
americans are obnoxious even when they teach wow
Tiffany Ross (1 month ago)
Your videos have saved me! Thank you so much!
mohammed js (1 month ago)
Hi i think if you write what you say in the video while you talking that wil be better for all of us , because you are so fast. thank you for your help. ;)
Bhargav Rentala (1 month ago)
5 years later and every econ teacher still puts ac dc econ in class! You changed the world
Yunus emre Kütük (1 month ago)
you 're amazing.
selam queen (1 month ago)
why are you so fast? please speak slower omg!
Holy Torment (1 month ago)
You saved my life
Berkin Gürcan (1 month ago)
tipini zikiyim ama güzel anlatıyon
aaryu (1 month ago)
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Dunyaazad J.Sideeg (1 month ago)
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Alex DC (2 months ago)
You are the best Economics prof ever. your work is truly appreciated ~
Erwin Sihombing (2 months ago)
Nawaz Hussain Kabir (2 months ago)
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محمد الشهري (2 months ago)
you are clever...
jordan kendall (2 months ago)
these videos are a life saver.
Ozodbek Abdupattoyev (2 months ago)
Thanks you now I understood what my teacher couldn't explain. But from next time can you speak slowly for nonnative listeners, please.
alya sakinah (2 months ago)
it's a great video so helpful, thank you:))
Benuri Wickramarathne (2 months ago)
Thank you so much Mr Clifford ❤️
Santiana Pinnock (2 months ago)
вєѕt єcσn tєαchєr... í tσtαllч gєt ít😁
Linda Brown (2 months ago)
Question! 🤚 You used a manager of a pizza place as an example of a fixed cost (doesn't matter how many pizzas you make you still need a manager) but you said labour is a variable cost, so could you please explain why there is a differentiation there? I love how you explain things and I'm sure it'll help really nail down the concept. I just assumed manager was included in labour. School me!!
Rênas Avcı (2 months ago)
Your belt🤩🤩 i will come again after my final exam best econ teacher!
Soumya Negi (2 months ago)
the cooooolest prof. on the PLANET!! ............Sir Jacob Clifford!!
vishal singh (2 months ago)
Anirudh Srinivasan (2 months ago)
thank you!
LifeIsSuperCool (2 months ago)
in 5 mins, I've understood more than 8 hours worth of in-class content. Thank you!
Paras khan (2 months ago)
awesome ! i love your way of teaching it's just fabulous
Paul Foo (2 months ago)
I like how in your videos, I don't need to up the playback speed like 100% of other channels.
Bender Bending Rodriguez (2 months ago)
dude, take a Ritalin.
Phineas Yoli (2 months ago)
What about for the long run?
謝昊雨 (2 months ago)
Yynna De (2 months ago)
prem kumar (3 months ago)
Salute man...... You are a engeiest men
Serena Cain (3 months ago)
does he have a facebook account???
Lyra XO (3 months ago)
real heroes wear ACDC belts
Andrew Weng (3 months ago)
had a econ test that i only started studying the night before, u saved my life
Y V (3 months ago)
gawd damnit this video is awesome. best explanation and super fun and entertaining. his energy is so great I stoppend and looked whether I suddenly sped up the playback speed lol.
Adam Kucera (3 months ago)
leaving a comment below
yagirljquelin / (3 months ago)
I like this video
Devansh Jhunjhunwala (3 months ago)
Thanks Jacob! Saved my life today!
Joel Nikal (3 months ago)
This man is saving my life rn thank u 🙏🏽🙏🏽
Angela potter (3 months ago)
thank u sir for your explanation
LeOG (3 months ago)
Fake Mark Cubin knows what hes talking about
sherif el henawy (3 months ago)
you just saved my ass form being kicked in exam ...thnx budy
stacey Scott (3 months ago)
Wow you're saving my life. I think I'll actually pass Econ, Thank you!
Latrell Alexander (3 months ago)
This soooooo helpful it’s nuts
Juan González Cardona (3 months ago)
Great video Jacob!! You're a lifesaver. However, could you or someone help me out with a question I've got! "Marginal cost is the extra cost of one additional output = (change in total cost)/(change in output)". However, what if I start producing straight away six pizzas instead of two ? MC = { ($120-$27) / (6-2)} = $23,25 additional cost. Could someone tell me which mistake I am making please. Appreciate it !! Greetings from the Netherlands.
Sarawak dude (3 months ago)
You give me hope in eco
LyricShanez (3 months ago)
Thank you so much ✨
ammlu ammu (4 months ago)
You can also teach little slower..
Aisha (4 months ago)
You saved me
you are better than my fuckin prof
I love you ma hero
Coconut The Third (4 months ago)
Wow... I was doing my chapter reading about this topic and I was seriously spending 30 minutes and more to understand this concept. And this topic became clear to me after watching 5 minutes of your video. Seriously, thank you so much for teaching how these connect together! Salute to you good sir!
Kristin Partlow (4 months ago)
This man is obsessed with pizza ovens.
Nkosi Baptiste (4 months ago)
Dude you are like the Messiah of Economics. Thank you so much. I appreciate these videos so much.
Paige Kiarie (4 months ago)
my economics teacher needs this video as much as i do because your explanation is killing it
Tentō (4 months ago)
Am I gay? no. Does this man deserve a quick succ? ye.
Isaac Baitlotli (4 months ago)
Boy this guys is amazing. Thank you
Hema Latha (5 months ago)
I don't like it
John Guerrero (5 months ago)
Awesome, such a great help.
Miccaella Aguilar (5 months ago)
Can you talk slowly to surely understand of what you are talking. but sir this video is absolutely help me.
LyricalXilence (6 months ago)
Good gracious this made no sense
Carolyn Fisher (6 months ago)
over and over and over and over......I watch these......you brought my B to an A. and my breaking brain to a brain.
harsh clif (6 months ago)
If the output and TC is given, can we find the FC and VC? Or do we have to assume a FC?
Jim Scott (6 months ago)
Getting my undegrad in Econ. I love this guy.
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Study Enthusiasts (6 months ago)
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Jason Aaron (6 months ago)
Laughed when saw everyone celebrating except for a certain individual (top right corner). Good one.
Jeshurun (7 months ago)
이명후 (7 months ago)
Free lunch will be land over and other countries they usually pay for that
이명후 (7 months ago)
Then how to figure out to be build the heaven
이명후 (7 months ago)
Time per production of demand and time per production of supply with profits Time per cost of production Time per cost of selling With ......
Zach Bodine (8 months ago)
this guy is great!
Sanelisekile Ngwabeni (8 months ago)
God bless you
Aphiwe Artwell Ngunge (8 months ago)
Excellent work, this video makes it so much easy to understand the costs.
Alean Sylvester (8 months ago)
such a help for my finals.
Borris Plaatjie (8 months ago)
you are simply the best .
yagmur unal (8 months ago)
it has been 4 years but your energy never gets old. coming from the future and i want to say that you're doing an amazing job even in future.
Memory Janhi (9 months ago)
mukurazita (9 months ago)
This guy convinced me to love economics
MASIBULELE SANI (9 months ago)
Absolute Hero!! Give that man a Bells.
david Muller (9 months ago)
awesome...one chapter explained in 5 minutes..
Diwwy_99 (9 months ago)
I'm half way through my semester and i just learnt how to calculate AVC AFC & ATC. Thanks Bro,
Lax Xon (9 months ago)
Something that i have to highlight tho, when calculating the marginal cost i did not do it by dividing the change in output and the total cost , i did it by doing 20-27, 35-27. Etc etc
ONE DREAM (9 months ago)
Lesego Mokgatle (9 months ago)
Why are you talking so fast?
Faisal khan (9 months ago)
Mr.clifford make economics more interesting than new justice league..... thank you, you really are a blessing to all economic students :)
JSels (9 months ago)
I have not taken a micro class in my life, but I take the AP exam for it in 2 weeks and I'm cramming for it using these videos. With videos like these, it doesn't seem so hard to understand. Thank you.
golainte (9 months ago)
what do you do if you only have AFC to figure out TVC? Any takers?
Kaitlyn Frump (10 months ago)
I have been struggling the past week with this topic. One part is my professor is foreign and hard to understand, but the other is he assumed we understood all of this and went over everything to do with cost curves in one day. Thank you for the video!!!

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