Cost of Production
This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.
- 00:47 “Whenever you hear the word cost, what does it mean? Costs, as the name implies, refers to the economic value that is attached to a particular product or service. The value that is attached to a particular product or word...”
- 01:35 “Before the producer can release the Maca at rate of 150, believe me, the profit must have been embedded in the selling price. So what exactly does it cost, that producer to produce the Maca, when you want to know the ove...”
- 00:00 “Good students, standing before you here is Mr. Kenny and how we're taking you economics on a very interesting topic which I call cost concepts, cost concepts, okay? This is a very interesting topic that you need to learn...”
Commercial Arithmetic: Profit and Loss
This lesson covers the concepts of profit and loss in commercial arithmetic. Students will learn to identify cost price and selling price, and how to calculate profit or loss these values. The lesson also includes calculating profit or loss in percentage.
- 07:01 “Did he finally sell? So, to get the selling is selling at 50 minus eight. So, it's going to be selling our one. 42 cartons. It's selling for two cartons. So, what would not be the selling price at 42 cartons? Because sel...”
- 06:14 “But 50. Techniques. So, the first thing you write out all the parameters that are given. So, it's easy. Parameters are given already now. Then it's easy to compute. So, we have 550 times 50 does 27.500 is the cost price....”
- 10:07 “it's still a manipulation of the original formula. If we look for the cost price, being given the profit percentage, is the selling price multiplied by 100 over 100 plus the profit percentage, meaning that we're expresse...”
Translating Word Problems into Equations
The lesson teaches how to translate word sentences into mathematical equations. It covers the use of variables to represent numbers and how to express word problems as algebraic expressions. Students will learn to solve simple equations and check their answers.
- 17:48 “Using the distributive law, you use this to multiply this and then use the same to multiply this as well. So you have 8 times X plus 8 times 20. So you have 8 X plus 160. So this is the cost of 8 such as of noodles of no...”
- 16:13 “cost 20 more. So noodles is X plus 20. What are the cost of 4 such as of milk and 8 such as of noodles? So for 4 such as of milk, 4 such as of milk, that's 4, say 4 milk, 4 milk such as X and 4 places, X in 4 places, whi...”
- 12:06 “So we have 90 Q. So because we have the same terms, we can easily add them together, which gives you 140 Q. So because the value of Q can vary, just because we had 2 Nera already, that was how we could get the value 280....”