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.
- 16:04 “you calculate your worth, your total cost, please take note, your total cost here is going to be worth, it's going to be fixed cost, plus worth, plus variable cost, okay, remember the first one I get to you is worth, is...”
- 18:32 “the cost, what will be the cost, so remember, let's assume, that's what, you are having on an error, as the worth, as a cost of a bag, and then you know, you quantity you have in the bag is worth, is 20, so for you to kn...”
- 12:54 “So this is how you draw the graph, it's very simple, first cost is set to be worth, it's set to be horizontal to the x-axis, are we together, it's not more than that, okay? Then let's move to the next one, please, and th...”
Revenue Types
This lesson defines revenue and explains its three main types: total revenue, average revenue, and marginal revenue. It covers how to calculate each type and their relationships to production and sales.
- 11:28 “which is what, change in CR over change in quantity, so what do I do, I would say, this minus this, that's 24, minus 28, it's over, what's the quantity, it's minus 7, it's minus 7, okay, so what do I do, transform minus...”
- 05:10 “So, let's get the words, the solution to these words, so this interesting question won't have to the other. Look at the board, here you have what, P is on the wall, it's first on the CR, remember the formula I give to us...”
- 01:50 “That is, we have what we call the total revenue, which is attributed as CR, total revenue, okay? Total revenue, then of course, we have what we call average revenue, which is average as well as AR, average revenue. Then,...”
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.
- 07:04 “could find out what the exact age is. But as it is now, there's no value. We leave it the way it is. Second example, a shop owner sells maize at Sunera Parkop. She also sells rice Parkop at double the price of the maize....”
- 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....”
- 11:09 “So we say Q. And rice adds double the price of maize. That is two times Q. If she sold 50 cups of maize and 45 cups of rice, what was her income? So 50 cups of Q, that is 50 of Q, 50 Q plus-- this is 2Q plus 2Q times 45....”