All right, so my name is Daniel Mazer, and I'm an HPC analyst. HPC stands for High Performance Computing at Clumec at the McGill University site. And I'd like to, of course, thank Montreal Python for putting this all on and giving me a chance to talk. And I'd also like to introduce my colleague Bart Oldman, who's here. Also, he might help me answer some questions at the end of this. OK, so just by show of hands, how many people use some sort of HPC facility right now? OK, good, a handful of people, that's good. So I'm going to be starting with an introduction to what is an HPC center and what is the McGill HPC center. Our machine is called Gilliman. And then I'll talk. Basically, this talk is sort of anthropological instead of computer science. So I went and asked everyone on our system how they use Python.  And it's sort of a summary of what are the benefits of using Python and HPC's cluster. Why do people choose it over other options? So Clumec is the name of the consortium that employs me. And so they're involved in these aspects of providing research support to people. The obvious one is technology. So we provide machines for people to run code on. Less obvious is training, mentoring, dissemination outreach, and strategic partnerships. So we try and provide support for people who are developing code and who are having errors come up and they want help and to be able to ask questions. We provide workshops to provide training for people who want to get involved in scientific computing and HPC. These are pictures of the actual machines. So on the left-hand side, we have all of our computing nodes lined up in rows like this. We take up a total of 5,000 square feet of IT space at École Technologie Supérieure. So we have a total of 1,200 worker nodes. And there's 12 cores per node. So that's a total of 14,400 cores. We have two petabytes of parallel storage on the bottom left-hand side is our storage rack. And the speed of our system is 130 teraflops. So when we first launched this system a year and a half ago, that put us at the top 34 worldwide. But we've since dropped to 179 worldwide. So it shows you how fast things scale up. And in the top six in Canada are the top four academic sites. This shows our usage history. So it's pretty steadily high. I've marked our theoretical peak usage at the top there. And so we run at about 90% capacity most of the time. So we try to be a very multi-use facility, support a very diverse range of different computing projects from a very diverse range of fields of research. So there's a bunch of different fields listed there that is not at all meant to be inclusive of everybody. We have a total of 1,300 users currently. And those represent more than 350 research groups. That's from Canada and also internationally. We also get involved in some industrial partnerships with some non-academic people who need access to HPC resources. And finally, providing outreach and educational activities for HPC and scientific computing and things like this. Here's a list of some of the services that we can offer researchers to get involved. We have a website full of information that you can check out if you're interested. This website, support.clumec.ca, is where you can find documentation about how to sign up for accounts. Or if you have an account already, how to start using the system. We also provide all sorts of supports. So the support we provide is not just limited to, oh, we have a problem with the cluster. We're getting this error message. And also, you can contact us if you need help developing some new project and you want help planning it and how to run it efficiently on an HPC cluster like ours. So we can provide more long-term support like that in addition to helping you solve individual problems that come up. And we provide a lot of training sessions in workshops. So I recently gave a workshop on GPU programming in CUDA C. A couple of weeks before that, we had an introduction to MPI given by Bart. And then we have some more workshops coming up in the future. This Friday, we're giving a workshop on OpenMP, which is unfortunately already filled up. But you're welcome to sign up for the waiting list and hope for the best. And we're going to give an introduction to Python workshop in June. So the details for that aren't set yet, but you can check out our website. OK, so now I'll start talking about Python and how it gets used. We have several versions of Python set up in a directory that's available to everybody. So as soon as you get an account on our system, then you have access to these three versions of Python. And these are the general scientific modules that we've set up. So NOS is used for unit testing. We've talked a lot about NumPy already. SciPy is a similar set of scientific libraries. Matplotlib is very useful for plotting things. I'll talk a little bit about MPI for Py and iPython a bit later in the talk. And Cython we've talked about. So all those things are already set up on our system. And of course, we can add more versions and modules if there's enough popular demand. And users can also install things for themselves. So if you want to keep up with the latest and greatest versions of things, you can do that on your own. OK, so this is my list of reasons of why people use Python and HPC. It's very high level and that lowers a lot of barriers to adoption, especially doing things like parallel computing can be intimidating to a lot of people. And having a high level way to do those things makes it a lot easier for people to adopt it. Reduces time to solution. So people on HPC centers don't just care about writing really fast code that runs in a very short amount of time. They care about their own time, too. They're busy scientists, so they want to get things done quickly. The last speaker I think mentioned this great duct tape quality of Python. So it interfaces with the OS really well and libraries and other software written in different languages. So the modern scientific workflow is sort of characterized by combining a bunch of programs that have been written by graduate students over the past several decades in a research group in various languages that were popular at the time. And you just stick all that software together into a unified workflow. So Python often serves that purpose. And then there's this great package sage that ties together a whole bunch of open source numeric software into a unified Python interface. So anyway, all this stuff helps scientists reduce reinventing wheels. They can just use software that already exists. Python's open source, so it's portable, free, transparent, verifiable. The last two are particularly important for science, I think. And unlike something like Matlab, Matlab is also this high level way to access parallel computing easily. But Python, you can scale it to arbitrary numbers of nodes without having to pay a whole bunch of licensing fees. Python's interpreted, so you can do interactive data analysis and plotting.  So maybe some people are already trying this out. OK, I'll move on to talking about some specific examples. So first up is one group using our system is doing gene flow in animal populations. So gene flow measures how easily genes get transmitted in between separated populations of animals or plants. So if you put something like a mountain in between these two populations of animals, that restricts how easily the genes can flow. So there's this piece of software called CircuitScape. And this makes a model of gene flow by taking the landscape that these animals are in and modeling it as a network of electrical resistors. So now you have a physics model of how gene flow works. And you can make pretty maps like this. So this map shows for 11 different white-footed mouse populations in southern Quebec, which are labeled by these black dots with labels. There's 11 of them. And you can see some of the geographical features emerging from this gene flow map. So the blue corresponds to where the gene flow is really low and the red corresponds to where it's very high. OK, the next example comes from climate change research. So in this case, for this particular group, there is a model of ocean and ice model called MITGCM. And it's written in Fortran. But it outputs its data into this net CDF format. And then you have to go and analyze it to get the information out of it that you're interested in. So that happens to be done with Python and NumPy. And so the group does all their statistical analysis on the data, runs diagnostics on the software that's running, validates the data, and then makes graphs and plots of it. So this is the type of plots that they come up with. This is the ice thickness at the North Pole for three different years, 1992, 2005, and 2035. And in all cases, this O9 corresponds to September. So on the left, you can see there's a lot of red. That corresponds to sea ice concentration. So the left-hand side is sea ice concentration. And the right-hand side is sea ice thickness. And then you can see the evolution as the ice melts, as the planet gets warmer. And I'm told that the 1992 and 2005 predictions correspond quite nicely to what happened in reality. So maybe we can expect this is what 2035 will look like. OK, searching for pulsars. So this picture is from something called the crab nebula, I believe. And at the center of this nebula is an old star that died in a supernova explosion. So the supernova blew off the outer layers of the star. And what's left inside is this very dense core that is made of the most extremely dense material in the universe. And it has the most extremely high magnetic fields in the universe. And it sits in the middle of that stuff rotating very quickly. So it has a dipole magnetic field like the Earth that's not aligned with its axis of rotation. And it likes to emit radiation out in cones along that magnetic field. So it emits radiation out in cones like this.  Every time this cone of radiation sweeps past. So when you're searching for pulsars, you're searching for little blinking lights out in the sky. To search for these things, you first start with some telescope somewhere that collects data, looks out in the sky and collects data. And then it loads it up to a server somewhere.   So they remove any sort of radio frequency interference from the data. Then they search for these little blinking sources. Then there's a whole bunch of analysis that happens on the pulsing sources. And from the data that you get from that analysis, you try to identify what are likely pulsar candidates. So this is very computationally intensive stuff. It requires a lot of cores on our computer. And everything's driven by Python. So you use Python scripts to download data from the server. And then you automate the job submission. You automate the launching of the software. I believe this Presto is written in C++. But then Python takes over again, uploads the results back to the server, and then human beings look at it from there. So this plot shows all of the pulsars that we know of. So there's about 2,000 in the pulsar catalog right now. The horizontal axis here is the period of the pulsar. So how fast is it spinning around? And the vertical axis is the period derivative. How fast is it slowing down as it spins? All the black dots are the known pulsars and where they fit on that plot. And then the vertical lines are the new pulsars that have been discovered on our supercomputer in the last couple of years. So there's different colors because there's two different surveys that are happening here. One is the Green Bank North Celestial Cap Survey. So Green Bank is a telescope in West Virginia, I believe. And so they've found a total of 61 pulsars in their survey. And of those, Gilliman has found 48 of them. The Pelfa Survey uses the Arecibo Telescope, which is famous for being in the movie Golden Eye, and Contact. And they found 113 pulsars in their survey, of which 30 to 40 have been on our system. So finally, there's a group doing parallel partial differential equations using, I believe, totally Python everything. So the PDEs are solved using numpy routines, and it's parallelized using MPI for Pi. And then visualizations are created using this package MayAVI2. So I believe this is a picture of what's called an icing model. So this has different lattice sites that are coupled with nearest neighbors, and then there's instabilities that make them turn red or blue. And so you can visualize it this way. And if you have specific questions, I believe Dan is here today, so he'll be willing to answer them. I'll just quickly run through a few other examples. There's an Atlas high-energy physics experiment that was famous for finding the Higgs boson, or a particle like it. And they use it for automating a lot of their tasks. There's a group using it for automated software management, so installing and uninstalling packages quickly that they need. There's a package that's fairly widely used, HTSeq, that's used for gene sequence analysis. And there's people on our system using that. There's a lot of people who use Python for interfacing with other bits of software that are written in other languages. And finally, as I mentioned before, there's this IPython package, so there's some people doing interactive parallel computing, which is really useful for learning how to do parallel computing and for developing algorithms that you want to use in your research. OK, so I'll wrap up now. Just a summary, I gave a few very diverse examples showing that there's lots of ways to use an HPC center, and there's lots of ways you can use Python on an HPC center. And all these examples illustrated these sort of main benefits of Python. OK, thank you.


A volcano erupted late on December 18 in southwest Iceland, spewing lava and smoke across a wide area after weeks of intense earthquake activity, the country's meteorological office said, threatening a nearby town.Rakiviks' nearby Kflavik International Airport remained open, albeit with numerous delays listed for both arrivals and departures. Images and live streams of the eruption shown by Reuters and others showed molten rock spewing spectacularly from fishers in the ground, they're bright. Yellow and orange colors set in sharp contrast against the dark night sky of the crack in the Earth's surface was around 3.5 kilometers long and had grown rapidly. The Met Office added, some 100 to 200 cubic meters of lava emerged per second, several times more than in previous eruptions in the area, the Met Office said.


Okay, so I want to show you guys one of the best programs that you can possibly learn to use and that is image magic.  I haven't published it yet, but I know when I do people are going to complain about me using some kind of GUI application. So I'm going to show you image magic which is at its core it's a series of terminal commands and other operations and stuff like that which can modify that can create and modify images. So you can basically do image editing or image manipulation from the command line. Now what are the advantages of that? I mean for a lot of things you're going to want to use something like GIMP and manually modify something, but image magic is fantastic for automating things. It's fantastic for actually you know what I don't even want to list things. I want to just show you how it works and you can probably come up with different ways to use it. So I actually have pulled up here an image magic script that I use all the time and that is for my lock screen. Let me show you how that works.  Now I'm going to go ahead and press it. Now what this script actually does is well as you can see my screen is not really visible anymore. It sort of is. You can see that my face is on it, but all of the text has been sort of, it's not really readable, have a nice little swirl. And there's even this nice, well I can't really move my mouse, but there's a nice little lock icon here. So I'm going to log back in for a second. This is my lock screen and I actually have it generated by image magic. And this is what this script is up here. So I'm going to show you how this works, really just the image magic part. And give you an idea of the kind of things you can do in image magic. So this is probably going to be first on a couple of videos on it. So anyway, the main command you use in image magic is convert. And I will say you can of course check the manual for all the enormous amount of things that you can do with convert. It's absolutely crazy. But we're going to talk about some, at least just the stuff that I use here. So here's what my script literally does. The script that uses scrote up here to take a screenshot. If you don't know what scrote is, it's just the command that takes a screenshot. So it saves it in temp screen. And then what it does is it converts that raw input. And what it does is it adds this paint option. Let's go ahead and play around with what this is. Now I have a couple files in this folder. I have this image here, this village thing. And I have this thinking emoji.   So first let's play with the paint option here. What exactly does paint do? I am going to run the command convert and then village. And I'm going to give it the paint option. And I'm going to say paint one. And I'm going to put the output as village underscore p or something like that. So if you just run that, we can look at the village file. And if I go to the village painted file, you'll see that it's sort of a little blurry. It's not the same thing as a typical blur. It maintains the color. It just sort of changes it a little bit. Now this isn't very visible in a JPEG file that's like something in the real world. But if I up this paint value, let's say I up it to something like 20 and run that again. It's going to take a second because the higher it is, the longer it takes. But it's going to get more of what we actually want. It's going to modify the image more. Now if we wait a second for that, it's actually taking a lot longer than I thought. But now that that's done, you'll see that it has this very nice. It's almost like a watercolor view to it. And the higher the value that you give it, the more sort of distorted.  That's why I use paint for my screen lock. So that's what that does. Now let's also try the swirl command. Where is it? Yeah, swirl. So let's take our other image, which is the thinking emoji. And I'm going to convert thinking and I'm going to swirl it. Let's say 30 degrees, well, negative 30 degrees. We can do that. And then I'm going to do thinking. I'll put it to thinking underscore s or something like that. So once I do that, it'll take a second. But you will see that now the emoji has been slightly distorted. I mean, it was already distorted, but now it's a little more. We can actually up that value. So let's up it to something much bigger, let's say 120 or something like that. See what that looks like. Now it's very distorted. So now this is much more distorted. So this is what swirl does to you here. So now we've talked about these two different operations. Now, of course, you can run both of them at the same time. So if I take the village, I can paint it. Let's paint it, give it four, some smaller value. I can also swirl it simultaneously. So let's swirl it, I don't know, 180 degrees or something like that. And see what that output looks like. Now you'll see that there's a big swirl on it and it's also been painted. Now this is basically what I am doing for my lock screen here. With one addition, that is, let's go back to my lock screen actually. But you'll see that I also have a little lock in the middle and that is actually not part of my screen locking program. That's actually manually added there by image magic. And that's something that I can easily add in as well. So if I, basically what this command, notice what this command is doing. It's taking this as an input. It's then performing paint and swirl on it. And then it's taking this as an input. This is the like picture of the lock that I have. And it's giving that additional options. It's saying gravity center, which basically means center that thing. And composite in Matei, that's for actually having this kind of composite image. Now let's actually run these manually. Let's say we want to take the thinking emoji and we want to superimpose it over this picture of a village or something like that. Let's actually get rid of these two other files that we made. Now to do that it's pretty simple. We'll just say convert and I'll say village. And then I'll say what was it, center, gravity. So gravity center, actually let me double check to see if that's right, yes it is. And then I will put in the thinking emoji. And then we'll say output is going to be the name of our output file and I'm going to run that. That was nice and quick. Oops, forgot to actually add the composite option. But yeah, that's what it does. If you give it multiple files and don't tell it to do a composite, it's just going to output them again. That's not what we want. But mistakes help you learn. So we're going to do composite and matte. And then we are going to output it. And once we have that, we will, oh, okay, that's not how I, oh, I guess the thinking emoji is enormous. So let's actually shrink that thinking emoji down a little bit. So we could open up GIMP and manually do it, but that's a huge waste of time. What we can do is just say thinking and I'll say resize and let's say we'll resize it to the Y chord or is it the X chord and that's who cares. We'll just make it, so what you can do is you can manually specify some kind of size or you can just have one of the either width or height, I'll just put 300 here and that's going to guess the other value of it. So I'll resize it and I'll say think resized. So now that's that and that should give us, yeah, so that, I think that's a much smaller picture. We'll, we'll find out. So now if we run this command we ran a second ago where we're converting, we're putting both of these together. I'm going to replace this with the resized image. Now I'm going to run that and that is going to give us, yeah, that's what we want. Okay, so here we have it. So we have a background image and this thing is superimposed over it. So that's sort of what we want. Now what I have from my lock screen, again, is just a combination of the composite and these operations, the swirl and the paint operations on the first input. Just to be clear, actually we can go ahead and put it in there just to, you know, be super clear about it. So if I paint, let's say I'll paint three and all swirl, you know, 180 degrees or something like that and then run that and that will give us, yeah. So this is basically the same thing as my lock screen in the sense that you have a image superimposed over sort of a modulated thing here. So that, that's what we want to look for. So this is sort of a tutorial but really just to show you the kind of stuff you can do with image magic and obviously this is really nice because the way I use it for my lock screen. It's not like I am manually editing the files, the screenshots that it takes but image magic just does everything automatically. It's very nice and very useful for other things. So I'll probably do more videos on this but, you know, if you have any ideas, you know, shoot them in the comments or something and I'll also provide a link. Chris Okapinti actually did a series on image magic a little bit ago just on some different commands. So I think I'll put that link in the description or as a comment or something like that. So check those out. It's just nice to play around with.  And this is like the big manual with, you know, visual illustrations of all the great things you can do. So definitely check this out. But anyway, so that's going to be about it for now. So I'll see you guys next time.


More useful blocks. With the editing turned on, if we click the Add block drop down, we can see that there are many blocks that can be added to our course, and it's worth exploring these by adding them and seeing what they do, and by looking at the Moodle documentation on each block. We'll just look at a few in this video. For example, there is an Activity Results block. Later in the course, we'll learn how to add a quiz, and then if you have the Activity Results block, you can add a competitive element on your course page where the highest score is, or even the lowest score is, can be displayed. You can use this block with other gradable activities too. Comments block allows your learners to add short little comments to either your course as a whole or to a particular activity. You can also add a Random Glossary Entry block. Later in the course, we'll look at adding a glossary where learners can contribute items to the glossary, and then the Random Glossary Entry block will allow entries to be displayed on your course page directly. Another block is a Tags block, and this allows your learners to search for other learners with similar interests. If we take a look here, we can see that there's a Tags block, and if we click on any of the links, we will see the users who've put that as their interest. If we click Cats, here are the people who liked Cats. Let's take a look at another course page, and we can see an example of the Comments block. Some people have already made a comment, and you would simply add your comment and save it. As a teacher, you're allowed to delete students' comments if you think they're not appropriate. And individual learners can delete their own comments, but not those of others. If we open this, here's an example of the Random Glossary Entry block. So why not go and take a look at some of the other useful blocks you can add to your course.


Hi there, my name is Sandy Olnach. I'm an artist and paper crafter here on YouTube and I'm gonna bring you some tips on clean color pens using them specifically with letterpress paper today. I like to experiment with different mediums on different papers and different surfaces, that sort of thing, just to see what they do. And the clean color pens worked great on this letterpress paper. Lots of people like them on Bristol. I am a big fan of them on watercolor paper. And if you take a wet brush to these clean color pens, they will turn into watercolor. So they'll water out and move like watercolor wood in some fashion. And they're also liftable, so you could put water on them and lift color out of them by dabbing with a paper towel, that sort of thing. Lots of different ways you can use these. And with this particular paper, they seem to blend very nicely with each other without water. And on watercolor paper, they do kind of the same thing. And I do like that about them. The stamp I'm using today is from Stamping Bella and it's called Tiny Townie Blossom Loves Balloons. And when I stamped it onto my letterpress paper, I was a little confused. At first, I'm glad I did it on scratch paper first because when I had the balloons looking tilted and her feet straight, it looked like she was gonna fall over. If I had them both crooked, it looked like she was out of control flying through the air. But when the balloon strings were straight up, it looked like she was just being lifted carefully up in the air and swinging from the bottom of the balloons, which looked a little safer for her. And I did make a decision at the end of this that you'll see to make her not very high off the ground so that she didn't have to be very scared. With the dress, I've colored this one before and colored in between all of those little areas. And it was very painful because it's a lot of little detail. And what I discovered was just coloring over it with red made it look like there was a black pattern on her dress and it looked just great. Now I had originally planned on going in and doing some white pen on the dress. But by the time I was done, I liked it so much as is that I just, I left it without any extra color in it. I will do some shading on it in a minute.  And then I'm just gonna put a little bit of gray in the lace sticking out of her little skirt. So I'm gonna add a few little details here. Now this is where I'm gonna add the shading. So I'll put a dark red underneath of the shadowed areas. And this is where the light will not be shining on as directly and then blend it out with the lighter color again. Just go over the top of it and the colors blend very nicely. All the numbers in the upper left, if you're unfamiliar with Zig Clean Color Markers, they have names but they also have numbers. And the numbers on my pens, I have little labels that I made for them so that I could actually see the numbers because they're very tiny and the names are very tiny. So I've made my own labels. I'll link you in the description down below to a place where you can go and download that for free if you would like. If you wanna make bigger labels for your own markers. So I started making the balloons and this first balloon I did the way that I had intended to which was to leave a highlight. The second balloon is behind the first balloon and if the light is coming from that upper right, you're not really gonna see the spot where the light would hit that balloon. So I'm just gonna do two blues on it. So have the medium color and then add the dark shading and then blend it out with the lighter, that medium blue color. Now when I got over here, I lost my mind which has been known to happen before when I'm coloring. All of you who seem to feel the need to point out if I forgot to color one button on something on a YouTube video will know that I lose my mind from time to time. And I didn't leave a white highlight on that one.  I don't want it as much on the balloons. I want people to look at her and when there was too much white up there, it just, it popped too much. So then on the other balloons, I did the same thing. I left the lighter color for the highlight and just do the shading in around it so that I could have a lighter color highlight. And I thought that worked pretty well. So for having made an oops and not done what I intended to it actually worked out pretty good. And even though that balloon back there is not part of the balloon above because the angle of it isn't right, I decided to have a couple of repeating colors in the balloons just so I didn't have too much crazy color going on here. And get my final balloon figured out. And then on the ground underneath of her, I just added a little swoosh of gray. And that was all I had to do to make her look like she was above the ground but not by too much. For my finished card, I just added the panel onto a card base and left it really simple with just the sentiment. The sentiment is by the way from a hero art set which has become rapidly my favorite stamp set for sentiments and I'll link you to that in the description down below. So you can take a look at it. It has something for every occasion that is a general occasion. And I love, love, love it. They used to have an older one and I've got this one now and I'm just happy, happy camper. So here's a couple more clean color videos if you would like to see some more with these markers. You can always hit the subscribe button to get more from me. I put out about three videos a week. You can see more on my blog as well. And I would love to meet up with you out there on social media. I'm Sandy Olnok, just about everywhere. Mostly on Instagram is where I hang out. So I'll see you guys later. Take care. Bye bye.


ALM North is a proposed satellite mission that would provide unprecedented frequency and density observations for monitoring northern greenhouse gases, equality and vegetation using two satellites in a highly elliptical orbit formation, carrying the infrared to shortwave infrared imaging spectrometers and an ultraviolet visible imaging spectrometer. The resulting data would improve our ability to forecast northern air quality and quantify fluxes of GHG and AQ species from forests, permafrost, biomass burning and anthropogenic activity, furthering our scientific understanding of these processes and supporting environmental policy. This article was authored by Ray Nassar, Chris MacLindon, Christopher E. Seoris and others.


What's up, everybody? Jason from jazbeasecasebrakes.com. Brand new release today, guys. 2023, Penini Mosaic Choice Football. This is a five box break. Pick your teams number one. Now again, guys, we are giving away the Colts. The Colts would have been a $180 team. So what you have to do to win the Colts is just buy two teams. If you buy two teams in the break, you get an entry to win. Buy two teams, that's one entry, four teams, two entries, six teams, three entries.  And then top name on the top wins the Colts. So before you start, let's give away the Colts, guys. So, A-A-Ronga four, Chris got five, so that's, sorry, not A-A-Ronga four. A-Ronga two, sorry, Copperman got two. So, that's two there for one each. Chris, you got five, so I'm gonna only be able to give you two. And then Frank with six, so that's three entries. Kaishawn and Matt with two each, that's one entry each right there. And then Matthew Slade with two, Maggie Willichu with two, so that's one each. Whoop, just your back. Omar, Ron with one each. Then Ryan, Taylor, or Tyler, sorry. All right, so possible out of 15, it is 15 there. And now let's give away the Colts, guys. So name it number one, gets the Colts, guys, $180 value. Roll it, one out of five, six times, good luck. One, two, three, four, five, and six. Copperman at the top, one out of five, six times, boom, congratulations, man. So you just won the Indianapolis Colts. Boom, sweet. Now I actually won't be able to print it out from here. We need to get a new toner for this printer. This printer literally won't work without toner, so I'll have to print it out after, but let's do the break now, guys, thank you. So there's all the teams in. Now again, like I mentioned before, usually, like I said, our stuff usually comes from fresh cases. I guess we probably couldn't get a case for this one, but we basically had a case worth of boxes shipped in. So I just put them out in stacks of five so we can see which one we're gonna do here. But like I said, probably the reason why it does say five box break instead of like a five box one-fourth case break is to make it more specific. Either way, though, obviously still chances of getting big hits with choice. So, stack one, two, three, four, guys. If I roll a five or six, we'll just re-roll it again. Nope, let's do it again. Wow, six again, dude. Five again? What's going on here? All right, there we go, finally. Three, one, two, three. We're gonna do this stack right here. So let's stick this one out here. That's the one we'll do there. And then we'll leave those three back there because we could probably run back the next one after this. Hokey-dokey, guys, here we go. The back first, but I guess we'll just go in order. Here we go, guys. George Piggins. DJ Johnson. And here's one of the first autographs, guys, 25 out of 25. Vance Johnson. Very nice for the Denver Broncos. Broncos is going to Ryan. And then we have a Don Beebe for the Buffalo Bills. Bills that's also out of 25. And I don't know if they're supposed to be. Is there supposed to be two autographs? No, it's only one autograph, right? Then we have a black gold, beautiful Hunter Renfro for the Raider Star, Tyler. Two out of eight. We got Broderick Jones for the Steelers, number to 80. And then George Piggins also, number to 80. And then these are green and reds, which I believe are only rookies. Kansy for the Bucks. And Michael Wilson for the Cardinals. I think that one had an extra auto. Nice black Oval. Roger's parallel there for the Jets. National pride. New York Jets. Jets, that's Kuperman. Whoa, what do you mean to do that? Sorry about that. Gitarvious Martin. And how about a one out of eight, Sean Clifford? Is there supposed to be two autographs in this? I feel like they messed up. Nice Sean Clifford, black gold rookie autograph for the Green Bay Packers. We're just going to Kaisang. Look at that. One out of eight. Hey, this says fine one autograph in Mosaic's choice, so we're getting two on average right now. I guess we'll take the extra autos, right? And look at that, dude. Look at the autograph that's right behind it. Literally your second team as well. A modern St. Brown. How about more for you and the Lions? Jamar gives. 42 out of 80. That is a NFL debut. Oh, well that's good then. We'll take the extra autographs. All right, looks like no peacock here though, Cooper Cup, 50 out of 80 for the Rams. Rams is Chris, and then DJ Moore for the Bears, number 80. And we have the Cameron Latu and Tank Dall, nice. Tank Dall's having a great start to his rookie season. There's only supposed to be one per, but it seems like Adam's saying that there's quite a few boxes that have two autographs. And I said we'll take them. We'll take all those autographs with extra autographs, extra boxes with extra autos. No, never the yet, but I don't know, it's a little weird. It's very, it took a white parallel. Dan Hampton, AJ Brown. Let's play an in focus auto maybe. These are loose boxes, guys. So technically that means there can still be another Bijan Robinson. But how about last spot Mojo Chris? Bijan Robinson showtime signatures. Beautiful. That's a big one right there. Beautiful. Nice five out of 25 too. Joe Nameth to 80. We got Michael Strayhan to 80. Tony Pollard to 80. And then we got Brian Breesy and a Mazzie Smith for the Cowboys. Joe Nameth there for the Jets. All right, two more boxes guys. The stuff looks solid guys. No peacock yet either though, guys. Sean Clifford. And we got Louis Lips for the Steelers. Pittsburgh Steelers that is going to Michael Bellucci. And a very, very nice one here guys. Like you can get his autographs out of this but you could get his color parallels. How about a Bryce Young NFL debut? Ather's but a Matt. 28 out of 80. Derrick's through Lauren to the 80. Roger Stalback out of 80. Jonathan Mingo and Cam Smith. Stuff looks sharp guys. I'd run this back right now if I was you. And then I can pull stuff. At least two more breaks worth today too. Last box of the break though guys. We have not hit a peacock yet or like a Nebula so there is a chance potentially I could be hiding in one of the other boxes over there guys. Sorry to kill. And we have Cedric Tillman autographs there. Or the Browns. I think that's that red-yellow fusion. Browns that is going to Omar. All right out of 80, Sean Alexander. Fletcher Cox out of 80. And Miles Garrett out of 80. With a Clark Phillips. The Falcons. And a Raleigh Moss for the Denver Broncos. No problem man thank you buddy. Once we get done with number two guys I can post the three and four if you guys want to buy your same teams again. All right very very solid break guys. I mean we didn't hit like a Nebula one on one yet or like potentially a peacock but we did get some nice parallels. Some black golds and a nice rookie autograph there of Bijan Robinson. So not too shabby for a five boxer. So thank you guys so much. Jamar Gibbs, Maunra, black gold. Very nice. Thank you guys. Like I said, number two was done and two the last time I checked. If it's already sold out we'll be running that back next. But Mosaic Choice is a fun break guys. Definitely get some more at jazbeeskatesprakes.com.


So, in today's session, we will continue our discussion on the economies of scale, what we are doing in the last session. So, if you remember in the last class, we talked about the application of cost analysis specifically optimum to the optimum output level. What is the requirement cost analysis to identify the optimum output, optimum inventory and optimum scale? Then we discuss about the economies of scale, generally what the large plant or the large farm gets in term of the decreasing long run average cost with a when the scale of output increases. And in that context, we identified or we defined the economies of scale, then we identified the types of economies of scale like pecuniary economies of scale and real economies of scale. And if you know the essential difference between the pecuniary and real economies of scale is in case of pecuniary economies of scale, there is a reduction in the price of the raw material or the price of the inputs that brings less cost to the farm. And in case of real economy, it is not a reduced money or the reduced value of the inputs rather it is the reduced quantity, reduced amount of the input what has to be used in the production process so that the farm gets cost advantage. In case of real economy, there are four different kind of economies or it comes from four different sources that is production economies, then marketing and selling economy, managerial economies of scale and finally, transport and storage economies of scale. So, in the previous class, we discussed about the production and production economies of scale which is again subdivided or which comes either from capital or from the labor or from the inventory and in case of marketing and selling activities, selling economies of scale, we discuss about the advertisement, we discuss about the exclusive arrangement of producer with the dealer, we discuss about the model change economy and how all this factor brings economies of scale to the large farm or economies of scale to the large plant. Today, I will continue our discussion in the same line with the another two types of economies of scale that is managerial economies of scale and the transport and storage economies of scale. Then we will then we will start a new model that is theory of market, we will look for the definition and the types of market, we talk about the equilibrium condition and how the price determination takes place in the different time period. So, to start the discussion, we will talk about the managerial economies of scale and here the point to remember that managerial costs are partly production cost and partly selling cost and generally the managerial economies arising because of specialization of management and mechanization of the managerial function. These are the two factors which contributes most to the managerial economies of scale. So, the cost has two parts, one is production cost and the second one is the selling cost and typically the cost advantage here comes from the specialization of management and the mechanization of the managerial function. So, in case of large scale if you look at it has happened that there is a division of the managerial task because there is a large pool of resources, large pool of skilled men power that leads to the division of the managerial task and the division when the division is taking place what is the outcome, it increases the experience of manager in their responsibility leads to more efficient working of the firm. So, the division is on the basis of the skill, the division is on the basis of the experience. So, in one way it increases the productivity in the other way it also increase the experience of the manager in their area of the responsibility, as a whole it leads to more efficient working of firms. Since there is a division of the managerial task that leads to the decentralization of the decision making, it increases the efficiency of management and abhorred the managerial diseconomy. What is the decision of the decentralization of the decision making? If you have seen in a small firm there is one manager who takes decisions about the finance, who takes decision about the marketing, who takes decision about the human resources, who takes decision about the strategy, who takes a decision about that long term goal of the company the vision of the company, who takes the decision about the operations of the company. But when the same scenario in case of a large company there is one manager for operation, one manager for HR, one manager for marketing, one manager for finance. So, the decision making, there is no discussion of information or there is no flow of information goes internally from one person to another person or in a hierarchy level to have the boss, the top official, because the decision is taken individually by the domain specialist. If it is HR, then the HR manager has to take a call, if it is marketing activity, the marketing manager has to take a call, if it is finance, then the finance manager has to take a call. So, since there is a division of labour and for each assignment there is a manager that leads to decentralization of the decision making and it increase the efficiency of the management and it also avert the manageral diseconomy. Another point here is the high degree of mechanization, it save time in the decision making process and speed up in processing the processing of information and accuracy. So, again there is no discussion of the information less internal flow and that is the reason because of mechanization, it save the time of decision making process, like if you look at if there is no mechanization for if the for the corporate office need an information from the plant, maybe they have to wait from the mail, they have to wait from the, they have to go through the postal mode to get the information, but now with the advent of fax, telephone, online like you talk about the skype, you talk about the different kind of invention of the different kind of contacting each other, the media to reach each other has so much that generally possible in case of the large scale operation and the outcome is that it save time in the decision making process and speed up processing of information and accuracy. So, in one way we have already, we have assumed the fact that large plant, large firm because of division of the management, because of the decision making process, high degree of mechanization that is good and that brings the economies of scales. But traditional theory postulated that beyond a certain stage increase in the management leads to less than proportionate increase in output and thus cause an increase in the long run unit cost. So, traditional theory always say that this economies of scale, the advantage of the groups, the advantage of the mechanization, the advantage of the decentralization, it is always up to a point beyond that even if it is done through the management, even if it is too much control from the management, generally takes in the adverse direction and that leads to the managerial diseconomies of scale. And the decrease in the efficiency of management is usually attributed, generally why the traditional theory postulates that and what may be the factor when you talk about the managerial diseconomies of scale. The decrease in the efficiency of management is usually attributed due to loss of control of the top management once firm has surpassed the optimum size. So, till the time the optimum size is there, the top, till the time the firm has not reached the optimum size, the top management has kept everyone is the control and they have given the direction how to work and how to perform. But once the firm has surpassed the optimum size, generally there is a loss of control from the top management and that may be leads to the one of the factor which decrease the efficiency in the management. The second one is the uncertainty from the market condition and the reaction of the competitor increases with size with this leads to eventually less efficient decision making. So, there is always a uncertainty in the market condition. The reaction from the competitor because if you look at it is the same strategy followed by the company from last 25 years, the competitor knows the strategy and they are going to react accordingly that company A has this strategy so company B has to follow something else because company A goes in that direction. So, given that competitor reaction and may be the uncertainty from the market condition which increases with the increase in the scale of operation leads to the eventually less efficient decision making and that is how may be the traditional theory argues that may be managerial economic scale is up to a level may be in a very specific point up to the optimum scale and beyond this generally some evidence of the managerial diseconomy and that leads to increase in the long run average cost curve and that is why we get a increasing shape of the long run average cost curve after the optimum level of output. Then we will talk about the last kind of real economy or last type of real economy what we have a listed down that is transport and storage economy. So, transport and storage cost are incurred partly on the production side and partly on the selling side because few of the activity of the transport and storage cost comes within the domain of the production and few comes within the domain of the selling. So, storage cost will clearly fall with the size because if you look at if you have taken if you have built a warehouse then if 100 units you are keeping as inventory as a stock then the per unit cost is on a higher side, but you are putting more then the cost of production generally comes down the average unit cost generally comes down. So, storage cost will clearly fall with the size, but will be scaled up due to technical individuality and discontinuity and storing capacity can normally be increased up to a certain level beyond this additional construction will increase the total cost, but unit cost will normally lower than the larger the output. So, suppose the warehouse has a capacity of 100 units. So, up to 100 units any additional unit of output will always bring down the cost, but once the stock goes beyond 100 units now it is not in the capacity of that storage not in the capacity of that warehouse they need to construct the additional storehouse. Here initially again the cost is in a higher side till the time there is no larger amount or the larger unit of output is being kept. Once it is being kept again the average cost for all unit of output generally comes down. So, storing capacity can normally increase up to a level like according to the capacity of the warehouse beyond this the additional construction will increase, but the total unit cost will be normally lower than the lower than the larger the output. Similarly, when it comes to the transport generally if the firm uses own transport means transport unit cost would fall up to the point of their full capacity, because its own transport means and transport unit cost generally decreases because of the full capacity because it is their own transport. If the firm uses public transport the unit cost would normally increase with the distance, because it is a public transport more you transport the unit cost will be more if the distance is more, but if the firm uses own transport means transport unit cost fall up to the point of their full capacity, because if 100 units is getting transported by own means if it is better to get transported 1000 units because that will reduce the transport cost per unit as the less, but for the public transport if you are 100 unit if you are paying something you pay more for the volume and more for the distance when you are transporting 1000 units and also transport also maybe the distance is more where you are doing the transport. So, transport economies of scale generally comes from the larger firm, because they can afford their own transport means to transport their goods and services from one place to another place. Then we will come to the second type of economies of scale that is the main division if you remember the real economies of scale and pecuniary economies of scale. Pecuniary economies of scale is one where there is a reduction in the price of the raw material there is a reduction in the price of the inputs and that leads to the that leads to the advantage cost advantage to the firm. So, pecuniary economies of scale these are the economies occurring to the firm due to discount that it can obtain due to large scale operation. For example, lower price of its raw material bought at a special discount from its suppliers. So, if it is a large scale if you are buying it in bulk generally you get a discount that happens in like almost all the cases when you buy it in bulk you get it in a get it in the lower rate rather than the individual unit. So, if someone is doing that operation and the scale of operation is increasing then they get a special discount from its supplier because they are buying more and they are paying a lower price to the raw material. Similarly, lower cost of external finance banks usually offer loans to the large of corporation at a lower rate of interest and other favorable items may be the terms and condition also changes if it is large corporation because basically there is no problem with their repayment they have already built up the trust and they have also the credential to return it back whatever the money they are giving. So, since they are paying they are getting the higher amount of loan from the or they are getting a higher amount of finance from the bank the bank will not mind also charging a rate which is lower than the existing rate and in that way they get a lower cost of external finance and through that they get a they get generate the economies of scale to the firm and this is also known as the financial economies of scale comes under the pecuniary economies of scale. Then sometimes the lower advertising price may be granted to larger firm if they advertise at a larger scale. So, if you look at lot of big corporate house what they do they pay the money in lump sum to the media houses like throughout the year whatever they are going to advertise the media house will go advertise and they will charge a lump sum. The same thing cannot be done done by a small firm because if they are paying a large sum and if there is nothing more to advertise then generally they will it is not possible for them to pay such a the unit cost or the total cost for them is in a higher side. But since it is large scale and they do generally on a continuous basis the advertising. So, if they are paying this bulk rupees generally the per unit cost comes comes down for the advertising expenditure. So, lower advertising prices may be granted to larger firms if they advertise at a larger scale. Transport rates are often lower if the amount of good transported are large because they gets a discount like if the firm is getting or if the plant is getting trucks from the third party to transport and if you regularly cause the trucks if you regularly ask the particular vendor to bring the trucks and also on a higher quantity they can always negotiate and the transport rates can come down to a lower one. Finally, larger firm may be able to pay low running to their worker if they attain a size which gives their monopolistic power due to prestige associated to the employment by a large. So, this generally happens in case of real life that you pay less to the people still they will work for it. You take the example of typical IT company if the company is known for it brands if the company is well known a qualified personnel will not mind working for the company even if he is getting a salary which is less than the market rate. But this is not possible in case of small scale small industry because they are yet striving to get their name yet striving to get their brand. So, in that way also the large scale that gets some cost advantage because they get men power in a simple way they get the men power at a lower rate because people they work for them is generally work for the brand and they feel good associated to be with the brands they do not mind if they are getting at a lower salary as compared to the market rate. And that is how if you look at that is one more source of economic pickner economies of scale for the firm. When you talk about that till the time these are all internal economies of scale. Now, there is one more economies of scale that is external economies of scale and what is the external economies of scale? Here the advantage the firm can gain as a result of growth of the industry normally associated with a particular area. So, if there is a growth of industry in that particular area where the firm is there the firm gets some advantage because of the growth of the industry. And what are the advantage? Either they get the advantages in term of supply of skilled level because anyway they are skilled level coming to work for the industry. So, that is how they get the supply of skilled level. They get a reputation because they are near to a good industry. Local knowledge and skill they can use they get good infrastructure and they good good training facility. So, these are like if the industry is built in a remote area the if you will find there is some basic necessity the basic amenities they build for that particular area like may be a hospital may be a good concrete road, may be some water supply whatever infrastructure the other also they get an access to it and they get a cost advantage to this. And that is how the external economies of scale where the cost advantage they get it from the third source not from their either from their real economies or from the peculiar or from the internal source. Now, we know that the cost advantage is getting by the firm they are getting the lower average cost when the scale of operation is increasing. But what is the limit? Because we know that when the machinery is large we get economies of scale. We know that the scale of operation is more we get the economies of scale. But how large can the machinery get how large the can market get that it will increase the scale of operation. And that is the reason we know that there is a limit to the size of machinery there is a limit to the size of market. And that leads to the limit of the economies of scale or the firm where they should stop they are not getting any other cost advantage beyond that point. So, that brings the limits to economies of scale and they are the diseconomies of scale generally started. So, business can be too large, but still unit cost can then tend to rise. Because the causes are communication may be the hierarchical structure information overload formal method less face to face language coordination different department must work towards the same goal because it is large business is large. Lack of communication because may be because of hierarchical structure because of information overload because of formal method because of less face to face meeting because of language. Because of lack of coordination ideally different department must work towards the same goal. Motivation being a small face in a big point syndrome less contact with the senior manager technical diseconomy if the large machine breakdown production cost can increase. So, there is a diseconomy of scale once the once the scale of operation goes on a very higher side the business can be too large. So, the disadvantage of the large scale production that can lead to the increasing average cost can be with the problem of management maintaining effective communication coordinating activities often across the globe demotivation and alienation to staff and divorce of ownership and control. So, if you will take all this points this is all this part is from the management and this is how the traditional theory of economics always say that the disadvantage of scale comes mainly from the management and that is that is the reason the average cost of production generally increases. So, if you look at if you summarize it if you try to remember also the discussion we had on economies of scale may be not it in production may be some part of it in technical not in selling not in marketing not anywhere rather the diseconomy comes mainly from the management because they are their attitude their behavior changes their working style changes when they operate on a larger scale of production or when business goes too large into the account. So, the question comes here do diseconomies exist? Evidence suggests that unit cost may not rise as the scale of production increases beyond an optimum scale. So, evidence suggests that unit cost rise as the scale of production increase beyond the optimum scale, but still there is a limit it cannot increase more may be the increase is there, but still it is the average moderate and it is a kind of fluctuation once it is the maximum then again it has to come down again there has to be some economies of scale over there. Then there is a interesting concept with respect to economies of scale that is economies of scale. So, till the time we are talking about one product one firm one industry, but economies of scope deals with the joint cost of producing two or more product. So, scope economic exist if the joint cost of producing two or more product is less than the separate cost of producing each individually. So, an example might be an auto air conditioning repair shop that adds radiator and cooling system repair. So, if you look at also if you go to a mechanic shop you will get the repair items in different segment may be it is a may be it is a refrigerator, may be it is a television, may be it is a music system, may be it is a grinder, may be it is a whatever is there the utensil whatever is there he repairs everything. Because he is not skilled for only one product and here if you look at if he is doing it separate for refrigerator, separate for television may be the cost associated with that in a higher side, but when that is getting done jointly always the cost of production is lower and there we say that there is a evidence of the economies of scope or scope economic exist over there. There is no much evidence like no much example you will find about the economies of scope, but still it is a very important concept when you talk about joint cost of producing two goods which is always lower than the separate cost of producing it. Then we will start our actually fifth model which talks about theory of market where we basically look at the different kind of market that is the perfect market, imperfect market. We will see individually for each market how the price and output is determined, how generally firms they get profit under each market structure and then finally, we will take a specific example for each of this market to understand that what is their applicability or what is their what is the applicability or what is their may be when you bring the example of that into the real world, how much exist how much existence of there in the real world. So, to start with let us define market and as you know it is a very simple form market you know where is market right. So, market is the place generally where the buyer sellers meet exchanges and the transaction takes place. So, to define formally we can say market is one where the buyers and seller do the transaction with the full information on the price and the product. So, to go beyond more formal definition of market, market is one of the variety of different system, institution, procedures, social relation and infrastructure whereby person trade and goods and services are exchanged forming the part of economic. So, it is an arrangement that allows the buyers and seller to exchange things and in typically mainstream economics the concept of market is any structure that allow the buyers and sellers to exchange any type of goods, services and also information. Why we talk about information here because information is also now a product you do not get it it freely in many cases. So, in mainstream economics generally the market is any structure which allows the buyers and seller to exchange any type of goods, services and information. So, the main feature of market is that sellers and buyers should be able to get close contact with each other and the requirement for the buyers or seller is to well inform about the prices prevailing and other conditions. So, to sum up we can say market is any organization whereby buyers and sellers of a goods are kept in close touch with each other and there are four basic components of a market that is consumers, sellers, commodity and price. So, consumers and sellers they are the economic agent one has to buy one has to sell both have both of them has to get into the transaction. Apart from that the product that is the main component of the market because of the product and product only buyers and seller they are meeting each other and finally, the value at which the transaction is take place generally that is the market. So, there are four basic component of a market that is consumer, sellers, commodity or product we can use the word interchangeably. And now in fact goods and services because service is also a product for which the transaction takes place between the buyers and sellers and finally, it is the price. Let us say how we can classify the market? Either we can classify the market on the basis of area that is local, national and region regional. So, if it is a locally placed then it is a local market the typical may be the weekly market we get it in our place that is local market the weekly vegetable market or what national market in a national level, regional market in a regional level or we can classify the market on the by the nature of transaction spot and future. Short market is one where the transaction takes place immediately and future market the transaction takes place for a later date of later point of time. Classification by volume of business wholesale and retail. So, if it is buying it in bulk generally that is known as the wholesale market, if it is in buying in a unit wise that is the retail market. So, classification on the basis of time that is short period and long period that again makes the difference whether it is a perishable good or whether it is a durable good. Classification by the status of the seller that is primary seller or the secondary seller and classification by the nature of competition that is through substitutability factor, interdependence factor and ease of entry factor. So, our focus is mainly on this that the when we are classifying the market on the basis of the nature of competition and there are three major factors there are three major variables through which we differentiate the market one from the other. So, let us focus on the last classification that the classification on the basis of the competition and then we will see how we can define all the markets on taking the different variables. So, taking the number of firms, nature of product, price elasticity of demand for an individual firm, degree of controllable price these are the variable on that basis there are different form of the market structure. The first form of market structure is perfect competition, the number of firms are large, nature of product is homogeneous or uniform that is similar. Price elasticity of demand for an individual is infinite, a small change in the price will lead to take a bigger change in the quantity demanded because there are large number of firms and all the firms they are producing homogeneous product and degree of control over the price is none because this the here the price is decided by the market demand and market supply. Monopoly the number of firm is 1, it is unique product without close substitute price elasticity of demand is very small because since there is a unique product even if the price increases still people they buy it and degree of control over the price is considerable. So, if you take large number of firm, product differentiation by each firm like even if there are large number of firm each firm produces a different type of products which is different from the other. Price elasticity of demand for an individual firm is large, degree of control over the price is some or may be it is relative. Pure oligopoly then the last category of market structure is oligopoly and again it is divided into two type of oligopoly pure oligopoly and differentiated oligopoly. Pure oligopoly is one where there are few firms nature of product is homogeneous, price elasticity of demand is small, degree of control over price is also some. Differentiated oligopoly few firms differentiated product small and the degree of control over the price is some. So, individually we will check each market structure but here the basic difference if you look at that one is the perfect competition and rest all are the imperfect competition. So, we have one perfect competition market structure and other are the imperfect that comes under the imperfect competition of the market structure. Before going into the detail of each type of market structure let us understand the few basic related to the market structure like how the equilibrium takes place, how the price is determined and then we will get into the specific details of the each type of market structure and we will check that how the equilibrium is maintained or how the price is decided. Firm is said to be in equilibrium when it has no tendency either to increase or to contract its output. So, it is a kind of state of balance where it has no tendency either to increase or to contract the output and equilibrium level of output will lie where its many profits are maximum. So, equilibrium level of output is one where profit is maximum, firms will attempt to maximize the difference between the total revenue and total cost because the output level where the profit is maximum that has to be the equilibrium level. And ideally if you look at where the profit is maximum where the difference between the total cost and total revenue is maximum. So, firms optimization problem here again comes as the point where the difference between the total revenue and total profit has to be maximum. Total revenue total revenue and total cost has to be the maximum. So, the equilibrium of the firm can be achieved either by total revenue total cost or by the marginal revenue and marginal cost. So, individually we will see through the graphical explanation how the equilibrium is maintained or how the equilibrium is achieved through the total revenue and total cost firm and how the equilibrium is achieved through the marginal revenue and marginal cost firm. Like in case of total revenue and total cost where the difference is more or most that is the level of output where the profit is maximum. But in case of marginal cost and marginal revenue the point at which the marginal cost is equal to marginal revenue that is the higher level of output where the profit is maximum because beyond this the cost will be on a higher side. So, let us first check that how to achieve the equilibrium with the total cost and total revenue method. So, we will take output on the x axis total revenue cost and profit on the y axis. So, the total cost we will take the total revenue this is the total revenue. This is some amount of fixed cost is there this is the total cost. So, we have one point over here we have one point over here. So, this is S suppose this is L this is O and this is H. Now, this is suppose Q and in between we will see how to find out the maximum difference between the total cost and total revenue. We need to see just by drawing a this will know that this is the level of output. So, when the firm increases its output beyond O L if the output goes beyond O L then total revenue is greater than the total cost. So, if total revenue is greater than total cost similarly the profit also goes increasing because if you consider this is the total revenue this is the total cost total revenue increases the difference between the total cost and total revenue goes more and that is why the profit goes on increasing. Up to the output O M till from O L to O M the profit is also increasing the distance between the total revenue and total cost is greatest and so the profit is maximum at this point M. Now, the firm will not produce any output larger than O M since after this the gap between the total revenue and total cost has come down and if you look at the gap between the total revenue and total cost is coming down and the total profit is decreasing and it continue till the time O H the level of output is O H and beyond this if you look at total cost is more than the total revenue. So, beyond this anyway maybe the firm can think of producing from M to H even if with a decreasing profit at the initial level but not beyond this where the total cost is more than total revenue and the profit is decreasing or we can say it is a case of actually loss. So, the point at which the total cost is greater than the total revenue that is the point actually the firm should produce at that level of output because that gives us the maximum profit and that is the equilibrium level of output. So, we have two break even point here one is corresponding to L level of output that is S where the total. So, total cost is equal to total revenue that is one break even point and the second point is where total cost is again equal to total revenue at the point H where we get another break even point. So, we have two break even point in this in between this two point the profit is on a the profit is increasing reaching maximum then still decreasing and still it reaches zero and the equilibrium level of output is one where the profit between two is maximum the profit is maximum or the gap between the two that is total cost total revenue is maximum. Then we will see how to achieve the equilibrium level using the marginal cost and marginal revenue approach. So, you know what is marginal cost and marginal revenue marginal cost is the additional cost to the total cost by producing one more unit of output and marginal revenue is the addition to the total revenue by by selling one more unit of output. This is nothing, but the first derivative of the total cost and total revenue. Now, we will see how we will do this with the marginal revenue and marginal cost. This is the marginal cost, this is the marginal revenue, this is o, this is marginal cost is less than marginal revenue, here marginal cost is greater than marginal revenue. So, at this point marginal revenue is equal to marginal cost. So, corresponding to that we have the level of output that is m. So, x that is the output in the x axis and marginal revenue and marginal cost is at the y axis. So, marginal revenue if you look at marginal revenue curve is sloping downwards and marginal cost is sloping upward. They intersect each other at this point e that correspond to the output m. Now, up to this o m level of output marginal revenue exceeds the marginal cost and beyond this o m level of output the marginal cost is exceeding the marginal revenue that is the reason it is not a profitable level of output and that is why the equilibrium when we decided the equilibrium level of output it is always at a point where the marginal cost has to be equal to the marginal revenue. And in this case it is not more of cost or more of revenue rather it is just equalization of the marginal cost and the marginal revenue. So, the equilibrium level if you look at when we decide the equilibrium level of the firm either at a point where the total revenue is greater than total cost or at a point where marginal revenue is equal to the marginal cost. So, equilibrium can be achieved or the equilibrium can be derived in the different market condition either by following the total revenue and total cost approach or by following the marginal revenue and the marginal cost approach. Then this we have already discussed when we are talking about the demand and supply just to refresh this because since we are discussing the market structure again how the equilibrium price is decided or how the equilibrium takes place between the demand and supply and correspondingly how we get the equilibrium price and equilibrium quantity. So, this is our demand curve this is our supply curve is the point that is equilibrium point at this point demand and supply intersect with each other this is the equilibrium price p is the equilibrium price and m is the equilibrium level of output. Any price above this p 1 the supply is more than demand and this leads to excess supply because supply and price they are positively related. So, price increases supply increases and that leads to excess of supply with respect to demand. So, this is the case of excess supply or also we call it surplus. So, in this case generally is the supply reduce the price in order to increase the demand and finally, they reach the equilibrium again. And any price which is below p that is suppose p 2 the demand is more than supply and this is the case of excess demand or maybe this is the case of deficit and here how to reach since this is not a equilibrium how to reach this equilibrium point again the supplier has to increase the price. So, that the demand reduce and again they reach to the equilibrium condition. This is how we discuss in case of market when we when we are talking about the demand and supply. So, just to refresh that the same thing works when the firms or when the industry decides the price of the product it decided on the basis of supply and demand and that leads to the equilibrium price. So, p is the equilibrium price any any imbalance between this price and the equilibrium quantity generally the demand forces and supply forces they correct among themselves and reach the equilibrium again. So, there is always a time element in the determination of the price for the price in the market price for the goods. So, Marshall defined there are divided the time period into four category that is market period, short period, long period and the secular period. Now, what is the essential difference between all these three all these four types of time period that is true that time plays always a important role when it comes to determination of price and quantity. But when the time is defined on the basis of short long market and secular period will see particular in case of market period short period and long period how generally the price is decided. So, market period is one that is essentially is a short period and how the market price is decided the market price is decided on the basis of demand and supply. And what is short period over here short period because it is the supply is fixed no adjustment price prevailing in the market price which changes the nature of the commodity. So, supply is fixed that itself talks about a short period there is no adjustment from the supply side and the price prevailing in the market price is with changes the nature of the commodity. And the determination of the market price is through the demand and supply. So, the since if we are talking about the short period again the discussion goes for a perishable good and the durable goods. And in case of perishable goods again the price is decided on the basis of the fact that the perishable good cannot be kept in the stock. But in case of durable good it since it can be it can be kept in the stock again the price is decided keeping that in the mind. So, let us look at how the price is decided in case of the short period. Typically this is the price determination for the non perishable product or the maybe we can say the durable product. So, this way is the level of output this is O, this is P 1, this is P 2 and this is P 3. So, if you look at this market supply curve is a durable good is not a vertical straight line throughout its length. And there is two level of price one is sufficiently high that the seller will be prepared to supply the whole stock of the good that generally happens in case of P 3. And secondly there is a minimum price at which seller will not be prepared to sell anything instead of that they will hold back and keep it in the stock. Now what is the minimum price here the minimum price is here as the reserve price. And if you look at here this a typical different time period like or different point that is E, E 3 and E 2 the maximum price can be OP 3 and the minimum price can be OP 1. And if you look at here the it is between the supplier that at which price they are going to charge the at which price they are going to sell it. And here typically we are talking about a non perishable goods not about the perishable good. So, short period always the supply is decided on the basis of the demand supply is remain fixed it cannot be changed with the increase in the demand only thing what they can do they can change the price with the different level of the demand from the or with the customer response or with the different level of the demand. So, market period is one it is a short period the supply is fixed the supply cannot be changed with the change in the demand. And the price is not fixed on the basis of the demand and supply strictly because the supply is remain fixed only the supplier has some flexibility when it comes to that what price they are going to charge. Then we will talk about a determination of the market price in the short period, short term price and then we will talk about the long run price. So, in the short period firm will keep on producing even if they are not able to cover the average total cost, but are able to cover the average variable cost. If they stop production they will be losing their fixed cost. So, if you look at in the short run generally the firm keeps on producing even if they are not able to cover the average cost, average total cost, but are able to cover the average variable cost. But if they stop production they will be losing their fixed cost and that is the reason they always evaluate which one is more profitable whether to stop the production or whether to continue. Till the time they are continuing to get their average variable cost they prefer to produce and once they are not getting the average variable cost generally they stop the production because anyway they are not covering the variable cost also. So, there is no point of producing anymore. So, the equilibrium price in the short period is called the short period normal price which is determined by the intersection of short period normal supply and the demand curve. So, if you look at this is the supply curve and this is the demand curve in different demand curve there are different level of quantity. And again the concept is same short run we cannot do much changes with the much changes with the output rather we should just whatever the supply only we can change the price and we can send it to the sell you can sell it to the buyer. So, now when it comes to determination of price again we will take the MPS that is market price supply then we will take a short run supply curve and corresponding to that we will take the demand curve different demand curve and on that basis we will decide which one has to be the price and which one has to be the at the reserve price and which one has to be the price on what they have to sell. So, here if you look at is the MPS is the market period supply curve and SRS is the short run supply curve of the industry and here OP if you look at OP is the point where OP is the point where because this is the short run price both the market price as well as the short run price since the given demand curve DD intersect both the market period supply curve and the MPS and that is why we can consider this as the equilibrium price. Then we will talk about the equilibrium price how the equilibrium price is decided in case of the long run. So, long run it is a case of a normal price again determined by the long run equilibrium between demand and supply when the supply condition have fully adjusted to given demand condition and given the demand a price will tend to prevail in the long run when supply is fully adjusted and price is known as the long run price or the normal price and how the price is decided in the long run. Here again we take output in the x axis price and cost in the y axis this is the long run average cost this is the long run marginal cost and this PL is where average revenue is equal to marginal revenue. So, the price is decided on the basis of the marginal revenue and marginal cost and long run price is one where the strict condition to follow for long run price is here also this is the evidence of short run we can bring our short run over here and also short run marginal cost curves SSE is short run average cost curve SMC is the short run marginal cost curve then LMC is the long run marginal cost curve LSE is the long run average cost curve. So, long run price condition is the point where SMC is equal to SSE which is equal to LSE which is equal to LMC. So, long run price is one this is the point where the long run price is decided and long run price the SMC is equal to short run average cost curve which is equal to long run average cost curve which is equal to long run marginal cost curve and that is how the normal price is decided in case of the long run. So, if you quickly summarize whatever we discussed today we just carry forward our discussion on economies of scale we talked about managerial economies of scale does there is evidence of managerial diseconomies. Then we talked about the transport and storage economies of scale then we talk about the pecuniary economies of scale and external economies of scale then we try to look whether there is a limit to economies of scale and that comes in the form of managerial diseconomies of scale and that is mainly because of inefficiency of the management. Then we started our discussion on market what is generally a market what is the different types of market and how the classification of market on the basis of the nature of competition and then we discussed the price and output determination in a market through marginal revenue marginal cost total revenue total cost method and then we saw the determination of price in the different time period like short period, short period, market period and the long period. So, we will carry our discussion on this market structure in the next session with perfect competitive market structure and the reference for this typical lecture typical session what we follow today is this is the managerial economics book by Dr. Atmanand.


Academic staff inherently know the importance of setting high academic integrity standards and the impact such standards have on the reputation of the module, program, faculty, and indeed institution. It cannot be assumed that students inherently know and believe this too. You should strive to be explicit with students. In a prominent location on your virtual learning environment, explain the standards you expect your students to meet in their work. Let's look at how you might do this by taking DCU's virtual learning environment loop as an example. In your loop course, turn editing on. Locate a blank topic or section on your page and choose edit top. Enter a title for this topic. Perhaps something like supporting your academic integrity. In the summary area for this topic, insert a message in which you clearly state your position on academic integrity. Consider agreeing a consistent message across all modules on a program or throughout a faculty. Here is an example. DCU expect your work to be of the highest academic integrity.  Your reputation as a student and graduate and the reputation of DCU depends on upholding high academic integrity standards. Click save changes when done. It is also a good idea to draw students' attention to the institution's policy on academic integrity. This policy may be something they are not familiar with or they may not even know of its existence at all. Placing a link to the policy on your loop course page makes it easy for students to make themselves aware of academic integrity. On your loop course page, click add an activity or resource and select the URL option. Enter a name for your URL. The title of the policy itself would be the simplest name to use. Also enter the URL of where the policy sits on the institution's website. Click save and return to course. Now your standards and expectations are clearly defined on your loop course page and are clear for all your students to see.


a rich music executive broke down while so many artists are having struggles when it comes to figuring out what their brand is today versus the old days. Check this out right here. It takes more to make it today, but it's easier. It takes more thought, but it's easier. The old music business was like a supermarket. When you went to the supermarket, someone had to bring you in. That was a gatekeeper, a production company, a manager, someone who we trusted brought you in.  You belong here. Then we will put you there. And then the other gatekeepers will shine a light on you and people will discover you. That was the old way of the music business. The new music business is an open marketplace.  I think a lot of the reason why people are frustrated because they're on the wrong aisle or they're not packaging themselves correctly. If you are peanut butter, let's find the aisle where the jelly lives. It takes more to make it today, but it's easier. It takes more thought, but it's easier. And this is why I always say people need to spend more time on the front end thinking. A lot of people hop straight into it and or they do stuff lazily. And I want to say lazily in terms of it didn't take you effort. I'm talking about lazily in terms of like the placement of where you belong, how you fit into things and how the overall creative is going to connect with people. And that's the thing that becomes an X factor. You can figure it out along the way. That's also great to avoid paralysis and analysis, but man, I think that is the struggle. Not just the saturation of the game, but now you have to be able to think about this. Where before someone was telling you where you go, there were these boxes and we're like, oh no, I don't like the box and you can't put me in a box. But guess what? Boxes made it easy. The boxes made it easy. Boxes made it easy. And people are starting to see that. Artists are starting to see that because whether or not you like the box or not, when it comes to generating a fan base and being able to monetize off of that, boxes still come into play. Yeah, bro. We as consumers love boxes. You know what I'm saying? I love a girl. Yeah, like we don't, but we do. Yeah, this is my R&B crowd. This is my underground rap crowd or whatever. And I mean too, like right at Daniel's point, the boxes also just help you figure out like how to tell it the messaging. Right, like everything you said earlier, your brand is how you speak, but what you talk about, who you hang around, what you wear, what you do, things like this. The boxes help you figure it out. Hey, I speak to the emo rap crowd. I know they like Doc Martens and they eat at Chipotle and they wear these obscure-ass underground brands. You have a clear image of who you're talking to, right? And then sometimes what gets me about artists in the boxes is when they disagree with being in the box. Like, hey, even the issues and things that you talk about, that you represent, are the people more likely in this box. Or they're in some box, you just haven't found the box yet, right? So like the boxes admit, I think artists see the boxes as almost being like disrespectful to the art. You're saying I sound like someone or move like someone artistically. And when someone puts you in the box, it's not necessarily what we're saying. We're just saying like, hey, you were talking to the same group of people that this person is talking to, right? You are trying to convert the same group of people that this person is. And these are all the things that he or she has done before you that has worked to attract this group of people. This group of people that, for the most part, all like some very similar things that we can tell you, hey, you wanna relate to the people in this crowd, go get you some Doc Martens. Next time you do an interview, wear a Doc Martens, you know what I'm saying? And if you let them catch you at your next show with a T-shirt from this obscure underground brand, the only people in that community know about, right? So if the box like hell points you in the right direction. So some artists and managers are just waiting for lucky moments when the ones who are killing it have systems to consistently take artists to another level over and over again. And if you wanna see what that looks like, we just did a collab where we not only show the system that we use that's resulted in Billboard hit, some of the biggest viral moments on TikTok, Instagram, and YouTube. But also we got J.R. McKee to break down how he took an artist from zero to one of the biggest hit songs of 2022 and getting a Grammy in January of 2023. This is recent stuff, not old tactics. If you wanna check it out, go to www.brandmennetwork.com slash Grammy. Don't forget the www or it won't work. Because J.R. gets into the details of looking at the data, decisions that got made, how much content got created and how they adjusted the content over time for different parts of the campaign. This is real behind the curtains type of stuff. So again, go to www.brandmennetwork.com slash Grammy. If you wanna check this out and apply it to yourself, back to the video. Bruh, and love it or hate it, that's how people think. Yeah. It sounds so trivial. Everybody loves this idea of not being superficial. Bruh, all y'all superficial. Everybody. All of us.  And whatever made you be able to connect with that thing, you feel like they have similar values. So now you like them, you feel closer to them or it could be the opposite. Oh snap, this person's wearing that. And I hate that. It's like the perfect symbol of that over the last, what four years was the MAGA hat, right? Yeah. Perfect. There was a very strong idea of what that stood for and people really loved it. People really hated it, but it meant something. Yeah. And we're doing that with everything. It's just not as strong. So we might not communicate it outwardly, but down to how you wear your hair, you know what I'm saying?  People pay attention to those. And even if you don't think you notice, there's like something in you, right? There's an instinct, that animal idea. Like that just judges, bro. We have to judge. People always try to get rid of this idea of judgment. Judgment is what allowed us to survive in the wild. Judgment is what's gonna allow us to survive and navigate the wild of social media in today's society. It's just a different type of judgment. Some of it might be unfounded. We know. Yes. But nobody's gonna stop doing it.  Like for every single person, I can't get to know everybody to know them truly.  Okay, bet. He likes that artist. Okay, bet. You know, that's my type of guy. Might be wrong, you know? Been wrong before, right? He was like, oh dang, man. You just threw out that word. I mean, I thought we were cool, buddy. But like, that's kind of the way to understand how much you need to do it as an artist. Like when you just extrapolated into regular society and it's so obvious that way, it's like it's no way I could be an artist and expect to like go around this system. Yeah, that's right. You expect people to just become morally pure when it comes to music? No, of course not. It doesn't make sense. It doesn't make sense, man. Because nowhere else in my life should I have to do this, right? Or I do, I have to do it. So going back to the less philosophical aspect of it, but also just the idea of regular organization in general, right? My genres and vibes that I'm going for. So less about me judging who you are and whether, for whether I like you or not. But also when do I want to experience you? Yeah, what do you fit in my life? What do you fit in my life? Is this for turn up time? All right, are you turn up Tommy? Or are we like on the romance vibes when you play your music, all right? Or are we in the family cookout when we play your music? All of those are different things, right? And people have people in their lives that they can take to these certain events and might not fit in another event, right? It's all the same. We're doing it all the time, man. And you as an artist representing yet just another human to him at the end of the day, still fall under these same type of restrictions. Yeah, that's true. Use them to your advantage though. Use them to your advantage. And that's part of what branding is, manipulating those same foundations.


Your body language matters.  Question, if your coaches and teammates had your body language, would that be a good thing? Your body language either fills your team's bucket or it drains it. It either raises your team's energy or lowers it. It either adds to your team's composure or it battles it. Good body language communicates that you are poised, optimistic, and confident. Bad body language reveals that you are frazzled, frustrated, dejected, and deflated. Fact, you cannot perform at your best while displaying bad body language.