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Costs of Production- Microeconomics 3.3 (Part 1)

7656 ratings | 850572 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 (495)
Alex DC (8 hours ago)
You are the best Economics prof ever. your work is truly appreciated ~
Erwin Sihombing (3 days ago)
THANK YOU VERY MUCH SIR
Nawaz Hussain Kabir (4 days ago)
AC DC belt🤣
karl makongo (4 days ago)
you saved my life
محمد الشهري (4 days ago)
you are clever...
jordan kendall (5 days ago)
these videos are a life saver.
Ozodbek Abdupattoyev (7 days 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 (8 days ago)
it's a great video so helpful, thank you:))
Benuri Wickramarathne (8 days ago)
Thank you so much Mr Clifford ❤️
Santiana Pinnock (10 days ago)
вєѕt єcσn tєαchєr... í tσtαllч gєt ít😁
Linda Brown (10 days 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 (12 days ago)
Your belt🤩🤩 i will come again after my final exam best econ teacher!
Soumya Negi (15 days ago)
the cooooolest prof. on the PLANET!! ............Sir Jacob Clifford!!
vishal singh (15 days ago)
Awesome
Anirudh Srinivasan (17 days ago)
thank you!
LifeIsSuperCool (17 days ago)
in 5 mins, I've understood more than 8 hours worth of in-class content. Thank you!
Paras khan (20 days ago)
awesome ! i love your way of teaching it's just fabulous
Paul Foo (21 days ago)
I like how in your videos, I don't need to up the playback speed like 100% of other channels.
dude, take a Ritalin.
Phineas Yoli (26 days ago)
What about for the long run?
謝昊雨 (28 days ago)
我是中國人嗎
Yynna De (29 days ago)
prem kumar (1 month ago)
Salute man...... You are a engeiest men
Serena Cain (1 month ago)
does he have a facebook account???
Lyra XO (1 month ago)
real heroes wear ACDC belts
Andrew Weng (1 month ago)
had a econ test that i only started studying the night before, u saved my life
Y V (1 month 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 (1 month ago)
leaving a comment below
yagirljquelin / (1 month ago)
I like this video
Devansh Jhunjhunwala (1 month ago)
Thanks Jacob! Saved my life today!
Joel Nikal (1 month ago)
This man is saving my life rn thank u 🙏🏽🙏🏽
lily potter (1 month ago)
thank u sir for your explanation
LeOG (1 month ago)
Fake Mark Cubin knows what hes talking about
good
sherif el henawy (1 month ago)
you just saved my ass form being kicked in exam ...thnx budy
stacey Scott (1 month ago)
Wow you're saving my life. I think I'll actually pass Econ, Thank you!
Latrell Alexander (1 month ago)
This soooooo helpful it’s nuts
Juan González Cardona (1 month 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 (1 month ago)
You give me hope in eco
LyricShanez (2 months ago)
Thank you so much ✨
ammlu ammu (2 months ago)
You can also teach little slower..
Aisha (2 months ago)
You saved me
you are better than my fuckin prof
I love you ma hero
Coconut The Third (2 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 (2 months ago)
This man is obsessed with pizza ovens.
Nkosi Baptiste (2 months ago)
Dude you are like the Messiah of Economics. Thank you so much. I appreciate these videos so much.
Paige Kiarie (2 months ago)
my economics teacher needs this video as much as i do because your explanation is killing it
Tentō (2 months ago)
Am I gay? no. Does this man deserve a quick succ? ye.
Isaac Baitlotli (2 months ago)
Boy this guys is amazing. Thank you
Hema Latha (3 months ago)
I don't like it
John Guerrero (3 months ago)
Awesome, such a great help.
Miccaella Aguilar (3 months ago)
Can you talk slowly to surely understand of what you are talking. but sir this video is absolutely help me.
LyricalXilence (4 months ago)
Good gracious this made no sense
Carolyn Fisher (4 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 (4 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 (4 months ago)
Getting my undegrad in Econ. I love this guy.
moklad som (4 months ago)
you have no idea how it has saved me
Study Enthusiasts (4 months ago)
Omg ur amazinggg! Love frm India ❤
Jason Aaron (4 months ago)
Laughed when saw everyone celebrating except for a certain individual (top right corner). Good one.
Jeshurun (5 months ago)
3:48
이명후 (5 months ago)
Free lunch will be land over and other countries they usually pay for that
이명후 (5 months ago)
Then how to figure out to be build the heaven
이명후 (5 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 (6 months ago)
this guy is great!
Sanelisekile Ngwabeni (6 months ago)
God bless you
Aphiwe Artwell Ngunge (6 months ago)
Excellent work, this video makes it so much easy to understand the costs.
Alean Sylvester (6 months ago)
such a help for my finals.
Borris Plaatjie (6 months ago)
you are simply the best .
yagmur unal (6 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 (7 months ago)
THANKS
mukurazita (7 months ago)
This guy convinced me to love economics
MASIBULELE SANI (7 months ago)
Absolute Hero!! Give that man a Bells.
david Muller (7 months ago)
awesome...one chapter explained in 5 minutes..
Diwwy_99 (7 months ago)
I'm half way through my semester and i just learnt how to calculate AVC AFC & ATC. Thanks Bro,
Lax Xon (7 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 (7 months ago)
Thanks🙏🙏
Lesego Mokgatle (7 months ago)
Why are you talking so fast?
Faisal khan (7 months ago)
Mr.clifford make economics more interesting than new justice league..... thank you, you really are a blessing to all economic students :)
JSels (7 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 (7 months ago)
what do you do if you only have AFC to figure out TVC? Any takers?
Kaitlyn Frump (8 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!!!
doong doong (8 months ago)
how do you get the variable cost. can someone help me? My total variable cost is 43755 and my outputs are 1500. What should i put on my variable cost column?
ABDIRIZAK WARSAME OMAR (8 months ago)
thanks alot you really very helpful
Joel's videos O (8 months ago)
After 3years of struggling with cost production I now understand it 😭❤️
siphamandla kumalo (8 months ago)
Anyone from UKZN Howard college ?
a dg (8 months ago)
What’s the average fixed cost for 0 units?
Wabaki Games (8 months ago)
I like your energy
Christian Petti (8 months ago)
ur a legend...
Kojin (9 months ago)
HEY
shir sher (9 months ago)
you are so helpful! thank you so much!!!!
Buckley Sake (9 months ago)
bravo
koo hamed (9 months ago)
content is good but I suggest to show formula when u talk and show numbers I didn't understand what is marginal cost u just plot numbers
shamar foreman (9 months ago)
Good Job
kennie lunani (9 months ago)
awesome lecture
Rusty Wilson (9 months ago)
Is that Mark Cuban
Yajeev Britton (9 months ago)
your videos are life savers....omg it feels like a weight has been lifted off my shoulders
Rebecca Ingrim (9 months ago)
you talk way too fast and dont explain anything
sweetie pie (9 months ago)
Niceeee.sir.....amazing...
Nicholas D'Agostino (9 months ago)
Mr. Clifford is the GOAT

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