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[Assistant] So now straight up we can see our footer section show up and all we need to do is to adapt it to our design.


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[Assistant] Firstly, you'll notice there's this area that you can't really see but when you hover it, it seems to be clickable.


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[Assistant] And if we refer to our code, you can see this is actually a link that links to the bootstrap logo. So let's go ahead and delete that, but let's change this paragraph class to copyright and then the name of our company, Tindog.


[User] Please transcribe this text

[Assistant] And I'm going to leave these links alone because I dunno, maybe in the future you'll want to use this website and put in some different links to different sections.


[User] Please transcribe this text

[Assistant] But for now it just kind of looks more or less the right kind of style that we would want on a startup website. So let's leave that alone, but let's get rid of this borderline here.


[User] Please transcribe this text

[Assistant] And this border came from the footer, so there should be a hint in here. If we look at the footer element, you can see there's the border top class, which again comes from Bootstrap, but it's a really simple way of adding some borders to the top left or right. But once we delete it and that's completely gone.


[User] Please transcribe this text

[Assistant] So the final thing we need to do is just to add that gradient background to the footer area and then we are pretty much done. So let's take that section footer and add the class gradient background.


[User] Please transcribe this text

[Assistant] And now hit save and we should see that we have almost the same website as the final result.


[User] Please transcribe this text

[Assistant] The only thing that we need to do now is to get rid of this little bit of space at the bottom.


[User] Please transcribe this text

[Assistant] And the fact that it's white should give you a hint as to what it is. If we select our footer section


[User] Please transcribe this text

[Assistant] And we go into the section, look inside the container. At some point our hover is going to show us where that margin comes from.


[User] Please transcribe this text

[Assistant] And right here, you can see that orange box showing that margin at the bottom. So if we select it, we should see there are some margin classes applied. So there's a margin top, which I think we should probably keep because it adds


[User] Please transcribe this text

[Assistant] So let's find this my-5 class in our footer element. It's right here. And let's change it instead of y to just having it on top.


[User] Please transcribe this text

[Assistant] And now let's hit save and refresh. And you can see we have now completed our design for our website.


[User] Please transcribe this text

[Assistant] In less than half an hour, we've managed to build a incredibly complex and beautiful website for our Tindog startup.


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[Assistant] I hope our clients will be pleased because we've created this amazing, incredibly modern looking website for them. And we should be pleased cause it only took us so little time to do.


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[Assistant] By leveraging the power of the Bootstrap components and using the different helper classes, utilities, as well as snippets that they provide.


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[Assistant] Hopefully this gives you an insight into how we can use Bootstrap to create


[User] Please transcribe this text

[Assistant] Beautiful complex websites quickly. And also you see the difference between what CSS grid, Flexbox and Bootstrap are all good for. They all have different strengths and weaknesses.


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[Assistant] And I think Bootstrap is really good for throwing some components down and creating something that looks incredibly modern very, very quickly. Whereas Flexbox and Grid are great when you want to get into the nitty gritty of creating a very, very custom layout for your website.


[User] Please transcribe this text

[Assistant] So well done on completing this section. And in the next section, we've got the capstone project for CSS. So once you're ready, head over to the next section.


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[Assistant] Presenting a plan to bring off-grid solar electricity to 10 million low-income East Africans.


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[Assistant] As I waited to speak to the president and his ministers, I thought about how I'd arrived in that same place 30 years before.


[User] Please transcribe this text

[Assistant] A 25 year old who left her career in banking to co-found the nation's first microfinance bank with a small group of Rwandan women.


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[Assistant] And that happened just a few months after women had gained the right to open a bank account without their husband's signature.


[User] Please transcribe this text

[Assistant] Just before I got on stage, a young woman approached me. Ms. Novogratz, she said, I think you knew my auntie. Really? What was her name? She said Felicula.


[User] Please transcribe this text

[Assistant] I could feel tears well. One of the first women parliamentarians in the country, Felicula was a co-founder. But soon after we'd established the bank,


[User] Please transcribe this text

[Assistant] Felicula was killed in a mysterious hit and run accident. Some associated her death.


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[Assistant] To a policy sheet sponsored to abolish bride price.


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[Assistant] or the practice of paying a man for the hand of his daughter in marriage.


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[Assistant] And then a few years after that, after I'd left the country, Rwanda exploded in genocide.


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[Assistant] And I have to admit there were times when I thought about all the work so many had done and I wondered what it had amounted to.


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[Assistant] I turn back to the woman. I'm sorry. Could you tell me who you are again?


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[Assistant] She said, yes, my name is Monique and I'm the Deputy Governor of Wanda's National Bank. If you had told me when we were just getting started that within a single generation, a young woman


[User] Please transcribe this text

[Assistant] We'll go on to help lead her nation's financial sector. Not sure I would have believed you.


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[Assistant] And I understood that I was back in that same place.


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[Assistant] To continue work, Velikula had started but could not complete in her lifetime.


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[Assistant] And that it was to me to recommit to dreams so big, I might not complete them in mine. That night I decided to write a letter to the next generation.


[User] Please transcribe this text

[Assistant] Because so many have passed on their wisdom and knowledge to me.


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[Assistant] Because I feel a growing sense of urgency that I might not finish the work I came to do. And because I want to pass that forward to everyone who wants to create change in this world in ways that only they can do. That generation is in the streets. They are crying urgently for wholesale change.


[User] Please transcribe this text

[Assistant] Against racial injustice, religious and ethnic persecution, catastrophic climate change, and the cruel inequality that has left us more divided and divisive than ever in my lifetime. But what would I say to them?


[User] Please transcribe this text

[Assistant] I'm a builder, so I started by focusing on technical fixes.


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[Assistant] But our problems are too interdependent, too entangled. We need more than a system shift. We need a mind shift. Plato wrote that a country cultivates what it honors.


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[Assistant] For too long, we have defined success based on money, power, and fame.


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[Assistant] Now we have to start the hard, long work of moral revolution.


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[Assistant] By that I mean putting our shared humanity and the sustainability of the earth at the center of our systems. And prioritizing the collective we, not the individual I.


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[Assistant] What if each of us gave more to the world than we took from it? Everything would change.


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[Assistant] Now, cynics might say that sounds too idealistic, but cynics don't create the future.


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[Assistant] And though I've learned the folly of unbridled optimism, I stand with those who hold to hard-edged hope.


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[Assistant] The entrepreneurs and change agents with whom my team and I have worked.


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[Assistant] Have impacted more than 300 million low-income people.


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[Assistant] And sometimes reshaped entire sectors to include the poor. But you can't really talk about moral revolution without grounding it in practicality and meaning.


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[Assistant] And that requires an entirely new set of operating principles. Let me share just three. The first is moral imagination.


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[Assistant] Too often we use the lens only of our own imagination, even when designing solutions for people whose lives are completely different from our own. Moral Imagination.


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[Assistant] Starts by seeing others as equal to ourselves, neither above nor below us, neither idealizing nor victimizing.


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[Assistant] It requires immersing in the lives of others, understanding the structures that get in their way, and being honest about where they might be holding themselves back.


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[Assistant] That requires deep listening from a place of inquiry, not certainty.


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[Assistant] Several years ago, I sat with a group of women weavers outside in a rural village in Pakistan. The day was hot. Over 120 degrees in the shade.


[User] Please transcribe this text

[Assistant] I wanted to tell the women about a company my organization had invested in that was bringing solar light to millions of people across India and East Africa. And I had seen the transformative power of that light.


[User] Please transcribe this text

[Assistant] To allow people to do things so many of us just take for granted. We have this light I said, cost about seven dollars. People say it's amazing. If we could convince the company to bring those products to Pakistan, would you all be interested?


[User] Please transcribe this text

[Assistant] The women stared, and then a big woman whose hands knew hard work looked at me, wiped the sweat off her face and said, We don't want a light. We're hot. Bring us a fan. Fan, I said. We don't have a fan. We have a light.


[User] Please transcribe this text

[Assistant] But if you have this light, your kids can study at night, you can work more, she's cut me off. We work enough. We're hot. Bring us a fan.


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[Assistant] That straight talking conversation deepened my moral imagination. And I remember lying, sweltering in my bed in my tiny guest house that night, so grateful for the clickety clack of the fan overhead. And I thought, of course, electricity, a fan, dignity.


[User] Please transcribe this text

[Assistant] Is roiling as it finally confronts what it's not wanted to see.


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[Assistant] It would be impossible to deny the legacy of American slavery if all of us truly immersed in the lives of Black people. Every nation begins the process of healing.


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[Assistant] When it's people begin to see each other. And to understand that it is in that work


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[Assistant] That are planted the seeds of our individual and collective transformation.


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[Assistant] Now that requires acknowledging the light and shadow, the good and evil that exist in every human being.


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[Assistant] In our world, we have to learn to partner with those even whom we consider our adversaries. This leads to the second principle, holding opposing values in tension.


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[Assistant] Too many of our leaders today stand on one corner or the other, shouting. Moral leaders reject the wall of either or. They're willing to acknowledge a truth or even a partial truth in what the other side believes. And they gain trust by making principled decisions in service of other people, not themselves. To succeed in my work has required


[User] Please transcribe this text

[Assistant] Holding the tension between the power of markets to enable innovation and prosperity and their peril.


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[Assistant] The creative, generative potential of learning to use markets without being seduced by them. Take chocolate.


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[Assistant] It's a hundred billion dollar industry, dependent on the labor of about five million smallholder farming families who receive only a tiny fraction of that hundred billion. In fact, 90% of them make under $2 a day.


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[Assistant] But there's a generation of new entrepreneurs that is trying to change that.


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[Assistant] They start by understanding the production costs of the farmers.


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[Assistant] They agree to a price that allows the farmers to actually earn income in a way that will sustain their lives.


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[Assistant] Sometimes, including revenue share and ownership models. Building a community of trust.


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[Assistant] Now, are these companies as profitable as those that focus solely on shareholder value? Possibly not in the short term. But these entrepreneurs are focused on solving problems.


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[Assistant] They know they have to be financially sustainable and they are insisting.


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[Assistant] And including the poor and the vulnerable in their definition of success. And that brings me to the third principle, accompaniment.


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[Assistant] It's actually a Jesuit term that means to walk alongside.


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[Assistant] I'll hold a mirror to you, help you see your potential, maybe more than you see it yourself.


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[Assistant] I'll take on your problem, but I can't solve it for you. That you have to learn to do.


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[Assistant] For example, in Harlem, there's an organization called City Health Works that


[User] Please transcribe this text

[Assistant] Hires local residents with no previous healthcare experience. Trains them to work with other residents so that they can better control chronic diseases like gout, hypertension, diabetes.


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[Assistant] I had the great pleasure of meeting Destiny Belton, one of the health workers, who explained her job to me.


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[Assistant] She said that she checks in on clients, checks their vital signs, takes them grocery shopping, goes on long walks, has conversations. She told me, I let them know somebody has their back. And the results have been astounding. Patients are healthier, hospitals less burdened. As for Destiny, she tells me her family and she are healthier. And she adds,


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[Assistant] The work of change, of moral revolution is hard. But we don't change in the easy times. We change in the difficult times. In fact, I've come to see discomfort as a proxy for progress. But there's one more thing.


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[Assistant] There's something I wish I'd known when I was just starting out so many years ago.


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[Assistant] No matter how hard it gets, there's always beauty to be found.


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[Assistant] I remember now what seems a long time ago, spending an entire day talking to woman after woman in the Mathare Valley slum in Nairobi, Kenya. I listened to their stories of struggle and survival as they talked about losing children, of fighting violence and hunger.


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[Assistant] And right before I left, a huge rainstorm poured down and I was sitting in my little car as the wheel stuck in the mud thinking I'm never getting out of here.


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[Assistant] When suddenly there was a tap on my window, and a woman who was beckoning me to follow her, and I did.


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[Assistant] Jumped out through the rainstorm, we went down this little muddy path through a rickety metal door inside a shack.


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[Assistant] Where a group of women were dancing with a band in, I jumped in and found myself lost in the rhythm and the color and the smiles and suddenly I realized.


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[Assistant] This is what we do as human beings.


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[Assistant] Look at the explosion of art and music and poetry in this moment of our collective crisis.


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[Assistant] It is in the darkest times that we have the chance to find our deepest beauty. So let this be our moment to move forward with the fierce urgency of a new generation, four to five.


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[Assistant] With our most profound and collective wisdom and ask yourself, what can you do with the rest of today and the rest of your life to give back more to the world than you take? Thank you.


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[Assistant] He's just concerned. I was actually touched by how concerned.


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[Assistant] Right, so we've taken a look at level one encryption, which is basically just storing the password as plain text in our database. So maybe it'll be a little bit difficult for people to get access to our server.


[User] Please transcribe this text

[Assistant] Uh, and access our database. At least you can't just simply right click on a website, um, to view page source and be able to see it in the HTML. At least it's stored at server level.


[User] Please transcribe this text

[Assistant] But that's not really good enough. So let's go ahead and see what we can do to improve the security for our users on our website. So let's increase to level two authentication.


[User] Please transcribe this text

[Assistant] And level two authentication involves the use of encryption.


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[Assistant] So what exactly is encryption? Well, basically, all it is is just scrambling something so that people can't tell what the original was, unless they were in on the secret and they knew how to unscramble it.


[User] Please transcribe this text

[Assistant] This is exactly the same as if you and your friend were sending each other secret messages and you had a key to encode the message that you both knew so that you could decode the message. Now on a bigger scale, if you've ever watched


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[Assistant] Well, that is basically a form of encryption and the enigma machine, if you don't know, is


[User] Please transcribe this text

[Assistant] So that when the messages are intercepted, say over the radio, unless you have the same Enigma machine and you knew what the decoding key was or what the settings were for the machine, then you wouldn't be able to tell what it is that they were trying to communicate with each other.


[User] Please transcribe this text

[Assistant] If you're interested, I really recommend watching


[User] Please transcribe this text

[Assistant] But it explains the Enigma machine and it talks about the flaw in the Enigma machine that led, um, Alan Turing and other people at Bletchley Park to be able to crack the code and create always very much a specialized computer to be able to decode those messages and helped the allies win the war.


[User] Please transcribe this text

[Assistant] And if you ever visit London, be sure to go and check out Bletchley Park and they have a computer museum next to it as well, which is super fascinating.


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[Assistant] Anyways, I digress. So back to ciphers and encryption. One of the earliest ways of encrypting messages that we know about is the Caesar cipher.


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[Assistant] And this comes from Julius Caesar, who was one of the generals in the Roman Empire. And what he did is he would send messages to his generals and he would encrypt it. So if his messenger got murdered along the way, then his messages would be kept secret.


[User] Please transcribe this text

[Assistant] And this is one of the simplest forms of encryption we know about. And it's very simple. Let's say we have the alphabet, right? A B C D E F G.


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[Assistant] All that the Caesar cipher does, it's a letter substitution cipher. And the key for the cipher is the number of letters that you would shift


[User] Please transcribe this text

[Assistant] So if you knew what the shift pattern was, then you could really quickly decipher the message. So if we were to encrypt the word hello, there's a really neat tool online that can help us do that. It's called crypty.com and it's got two i's at the end.


[User] Please transcribe this text

[Assistant] And you can basically choose the kind of cipher or encryption that you want to use.


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[Assistant] And then you can specify the shift and we're going to say a shift of three, let's say. So if my text was hello, then it becomes shifted into core.


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[Assistant] And to an unknowing person and a non cryptographer, it can be quite difficult to see at a glance what exactly this is trying to say. Now in modern days and with modern cryptography, this is overly simplistic and it's very, very easy to crack.


[User] Please transcribe this text

[Assistant] But there are other forms of encryption which are a little bit more complicated and it involves a lot more maths to make it more time consuming for somebody to crack.


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[Assistant] But essentially, all encryption works exactly the same way. You have...


[User] Please transcribe this text

[Assistant] A way of scrambling your message and it requires a key to be able to unscramble that message.


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[Assistant] Alright, so now it's time to level up to the next level of security. And in this lesson, we're going to cover something called hashing.


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[Assistant] And securing it using an encryption key and then using a particular cipher method, be it a Caesar cipher or the Enigma cipher. No matter which way we chose, we always had a password, a key, and we ended up with some ciphertext.


[User] Please transcribe this text

[Assistant] Which will make it hard for people to be able to immediately guess what our user's password is. So for example, if we took a password like QWERTY and we use the CaesarCypher method and we decided to shift it by one, then our encryption key is the number one.


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[Assistant] And that creates the cipher text where every single letter is shifted up by one.


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[Assistant] Now, in order to decrypt this, all you have to do, as long as you know what the key is, then you can simply shift all of the ciphertext down by one, and you end up with the original password.


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[Assistant] Now the Caesar cipher is a very, very weak encryption method. It's incredibly easy to figure out what the original text was, even if you didn't have a key.


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[Assistant] And just to illustrate what bad things can happen when you have a weak encryption system, I'm going to tell you a story from history that tells us why we should not be using a weak encryption system.


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[Assistant] So, back in the 1500s, on this island that we now call the United Kingdom, there used to be two large areas. One was Scotland, and the other was England.


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[Assistant] And they were ruled over by two queens. Scotland was ruled by Mary Queen of Scots, who was a Catholic, and England was ruled over by Queen Elizabeth I. Now these two ladies between them controlled the land that we now call the UK, but they each wanted to have more power and more land.


[User] Please transcribe this text

[Assistant] So what did they do? Well, Mary, Queen of Scots, who ruled over Scotland, decided to plot with her friend, Lord Babington, to try and assassinate Queen Elizabeth.


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[Assistant] That way, she would be the legitimate heir to both the English and Scottish throne, and it was kind of a Game of Thrones kind of situation going on back then.


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[Assistant] But in order to mobilize their forces or try to come up with some sort of secret plan, they decided to send letters to each other using ciphertext.


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[Assistant] They came up with a system to encrypt their letters to each other.


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[Assistant] Such that, if it fell into the wrong hands,


[User] Please transcribe this text

[Assistant] The subject of the letter wouldn't be revealed and they wouldn't end up being tried for treason. But the problem was that the encryption method that they used, which was a letter substitution method similar to the Caesar cipher, was a very weak form of encryption.


[User] Please transcribe this text

[Assistant] Who ended up deciphering their letters and figuring out what their encryption key was. So he decided to take this encryption key and write a letter back to Lord Babington to try and get him to reveal


[User] Please transcribe this text

[Assistant] All of the co-conspirators. And what was the end result of having their weak encryption system? Well, Queen Elizabeth decided to accuse Mary Queen of Scots of treason and hence she ended up having her head chopped off.


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[Assistant] This is not what you want to happen to you, or your website.


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[Assistant] So weak encryption systems can end up putting user passwords at risk, and your company might end up metaphorically decapitated, such as in the case of companies like TalkTalk,


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[Assistant] Or Equifax where they ended up getting hacked and lost a lot of the trust of their users.


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[Assistant] Now, if you're interested in more stories like this and to learn more about cryptography and encryption, there's a really great book recommendation I would make called The Code Book by Simon Singh. It contains stories like the one that I just told you and more. So if you're interested in this, go ahead and read more about it. Now, how can we make our password more secure?


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[Assistant] Now, at the moment, the biggest flaw in our authentication method is the fact that we need an encryption key.


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[Assistant] To encrypt our passwords and decrypt our passwords.


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[Assistant] And chances are that if somebody is motivated enough to spend time and hack into your database, then it's probably not that difficult for them to also be able to get your encryption key, even if you've saved it in environment variable or somewhere secure on your server.


[User] Please transcribe this text

[Assistant] So how can we address this weakest link, the need for that encryption key? Well here is where hashing comes into play. Whereas previously with encryption, we needed that encryption key, hashing takes it away and no longer requires the need for an encryption key.


[User] Please transcribe this text

[Assistant] Well, then you might ask, well, if we don't have an encryption key, how can we decrypt our password back into plain text? Well, the secret is you don't.


[User] Please transcribe this text

[Assistant] Let's say a user registers on our website and they enter a password to register with.


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[Assistant] Now the problem is that hash functions are mathematical equations that are designed to make it almost impossible to go backwards.


[User] Please transcribe this text

[Assistant] How is this possible, you might ask? How is it possible that you can turn a password into a hash very quickly and easily, but make it almost impossible to turn that hash back into a password? Well, here's a question.


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[Assistant] Not only can you divide 377 by 1 and 377, but there's also two other numbers that you can divide it by.


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[Assistant] So what might you do? Well, you might divide it by two.


[User] Please transcribe this text

[Assistant] Okay, so that becomes 188.5. That's not a whole number, so 2 is not a factor.


[User] Please transcribe this text

[Assistant] What if you divide it by 3? Well, that becomes 113.3 recurring, which is also not a whole number, so 3 is not a factor either.


[User] Please transcribe this text

[Assistant] And you might go through this process for a long time, tediously, going through number by number. Well then, you might arrive at the point where you divide 377 by 13 and you end up with 29.


[User] Please transcribe this text

[Assistant] And as you can see, that process of getting to this point of finding those two factors took us a while, right? It wasn't that easy.


[User] Please transcribe this text

[Assistant] But consider if I asked you a different question. If I said to you, can you multiply 13 by 29? Well, you would be able to do that really quickly and easily. It would take you almost no time at all to figure out that the answer is 377.


[User] Please transcribe this text

[Assistant] So here is a very, very simplified version of a hash function.


[User] Please transcribe this text

[Assistant] Going forwards, multiplying 13 by 29 is really quick and easy. But going backwards, trying to get back those numbers 13 and 29, starting from 377, is very, very time consuming.


[User] Please transcribe this text

[Assistant] This is essentially how a hash function works. Just add a little bit more complexity and you end up with a real hash function. So they're designed to be calculated very quickly going forwards, but


[User] Please transcribe this text

[Assistant] Which we turn into a hash using our hash function and then we store that hash on our database.


[User] Please transcribe this text

[Assistant] Now at a later point when the user tries to log in and they type in their password,


[User] Please transcribe this text

[Assistant] We again hash that password that they typed in to produce a hash and then we compare it against the hash that we have stored in our database.


[User] Please transcribe this text

[Assistant] And if those two hashes match, then that must mean that the login password is the same as the registration password as well.


[User] Please transcribe this text

[Assistant] And at no point in this process do we have to store their password in plain text


[User] Please transcribe this text

[Assistant] As long as we knew what the settings were for the Enigma machine, which is basically the encryption key, right? As long as we knew what that was,


[User] Please transcribe this text

[Assistant] Then I can decode it by setting it to the same encryption key.


[User] Please transcribe this text

[Assistant] And we end up being able to retrieve the original text.


[User] Please transcribe this text

[Assistant] Now however, if I was to go and change this to a hash function instead, then you can see that when we try to decode this using the same hash function, MD5,


[User] Please transcribe this text

[Assistant] We get the error that decoding step is not defined for hash function because you can't really go back. That's the whole point of the hash function. And this is what will make our authentication more secure.


[User] Please transcribe this text

[Assistant] Mine is whatever you're cooking right now. Smells amazing.


[User] Please transcribe this text

[Assistant] So, let's talk about what you found in Lee's office.


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[Assistant] Hey, it's your crime system thingy. Looks like a residential break-in.


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[Assistant] That couch is fine. See you later? Yeah.


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[Assistant] Why the hell is Ozcorp developing a bioweapon in the city? Shouldn't this be in an arctic bunker?


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[Assistant] Why are you telling me all this? Aren't you just as culpable as Norman?


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[Assistant] In this little town, there were like 2000 temples, we played cricket all the time, we kind of grew up in the rubble. The major thing that inspired me, that led me on this path,


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[Assistant] Made me a filmmaker eventually was traveling folk theater that would come through the town and I would go off and see this great battles of good and evil by two people in a school field with no props but with a lot of


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[Assistant] You know, passion and hashish as well. And it was amazing. You know, the folk tales of Mahabharat and Ramayan, the two holy books, the epics that everything comes out of in India, they say. After seeing that Jatra, the folk theatre, I knew I wanted to get on, you know, and perform.


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[Assistant] You help everyone. Maybe we should send me to city hall to have a word with mayor.


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[Assistant] Hey guys, in this lesson that we're going to be learning about one of the most powerful features of Bootstrap and one of the biggest reasons why we would be using Bootstrap in our project in the first place.


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[Assistant] And that is the concept of the Bootstrap components, the pre-built, pre-styled components like buttons and cards and carousels and a whole load of beautiful things that we get access to simply by adding in a Bootstrap class into our HTML.


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[Assistant] Let's start with one of the most commonly used components, which is the bootstrap button. And this is a really good place to start because you also see the default bootstrap styling and the color scheme.


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[Assistant] In most of the components that you'll get access to through Bootstrap, if you want to give it a particular color, it's really easy to access all of these default colors by simply using their name.


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[Assistant] In most cases in a bootstrap design website, the primary button, the go to, you know, the buy or the contact us or download, whatever, will be this blue color and you can access all of the other colors through each of their bootstrap names.


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[Assistant] And they give you a little bit of a hint as to what they're used for. So success is usually like an okay button, danger, maybe if you click this button something really bad happens or warning, et cetera.


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[Assistant] And you get access to this button and this button styling simply by creating a button HTML element.


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[Assistant] Giving it the class BTN for a bootstrap button and then adding the class for the color scheme from this list that you want to choose. Let's try this out.


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[Assistant] Go ahead and download the starting files from the 11.2 Bootstrap Components zip file.


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[Assistant] And once you've extracted and opened it inside VS code, head over to index.html.


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[Assistant] Now here you'll notice that I've already added in the bootstrap link. We've got a style section, which we can add custom CSS to. And in the body area, I want you to use the bootstrap documentation. So if you go to the bootstrap main website at getbootstrap.com, go to docs and then scroll down to the components.


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[Assistant] I want you to put in a green button that says, okay, somewhere onto this website. Remember you can preview it in real time to see if it's working and pause the video now and complete this challenge.


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[Assistant] Alright, so this is pretty simple. We have a button, which we said is going to say, okay.


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[Assistant] And in order to style it using bootstrap, the first thing we do is add the BTN class. And you can see automatically font changes, the background color changes. And then we said we wanted to have a green button. So the green button is BTN dash success.


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[Assistant] So let's go ahead and add btn-success. And once we're done, you can see we've got a beautiful green button with a hover animation with nice styling, a good size, rounded corners, all of that goodness without doing a lot of work at all. It was super, super simple to create this. And this should give you a taste of what's yet to come.


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[Assistant] The next component I want to talk about is a really useful one, which is the card, which you already saw in the previous lessons exercise. And as always, all we need to do is go to that particular components page and then we can simply copy the code.


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[Assistant] Now one component that you're probably going to be using whenever you're building a website is a navbar.


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[Assistant] And the bootstrap navbars are some of the best designed navbars I've seen, and it also is super easy to include simply using their example snippet codes. If you head over to the navbar, you can read on how it works.


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[Assistant] And also what some of the examples they have are, for example, this one with a search bar, with some dropdowns.


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[Assistant] And this one, which describes how you can have the brand at the top left, or if you want an image, image and text brand, and you can scroll through this to find the kind of navbar you want to create and to use the example code.


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[Assistant] Now another area for the nav bars is if you head over to examples and you go to the header section, you can see some even more fancily laid out nav bars over here.


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[Assistant] In order to show you some of the different types of components and how they can be used in real life, we are going to be building a moving startups website. They're called move it, which is pretty simple and it's got a one page website with many different sections.


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[Assistant] And I'm going to show you just how easy it is to build this entire fully fledged website using just Bootstrap components.


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[Assistant] So the first thing we need is that nav bar and you'll notice that I've taken the nav bar that is pretty much this standard one. And so it's got a field which you can search for, say the postcode, if our company works in your area, it's got some dropdown menus, it's got some other little areas which you can click on.


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[Assistant] So let's go ahead and copy the code for the starting point of our nav bar.


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[Assistant] And let's paste it into the body of our code. So you can see as soon as I've done that, I've got my nav bar show up.


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[Assistant] But one thing you'll notice as soon as you start playing around with it is when a bootstrap navbar is in a smaller width, it will automatically show a hamburger menu and that menu should have a drop down with all of the buttons from the navigation bar. Now, why is our button not working?


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[Assistant] Now remember previously I said when we get started with Bootstrap, there's two links to include via CDN.


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[Assistant] The first one is the style sheet and that gives us all of the styling. But the second one is the scripting code that gives us all of the functionality because this gives us access to the bootstrap JavaScript code.


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[Assistant] Now we don't need to understand anything about JavaScript just yet in order to use it. All we need to do is copy that link.


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[Assistant] And go to right at the end, just before the closing body tag and paste that script link in there. And you can see as soon as I've done that, my buttons now work, my dropdowns work and all of these clicking functionality bits start working. And this again comes straight out of the box from Bootstrap.


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[Assistant] Let's take a look at this website in a larger format by opening inside Chrome. You can see that for the most part, these two nav bars look pretty similar. All I did is got rid of some of the components and change some of the other things.


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[Assistant] For example, this button is disabled so that users can't click on it. And in our version, we actually just got rid of it. We can do that quite easily by finding that button.


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[Assistant] And you can see the reason why it's not enabled is because it has this class.


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[Assistant] So if we get rid of that, then you can see this button is now active once more, but we don't actually want it at all. So let's delete that entire list item. And now we only have three links.


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[Assistant] Home, link and dropdown. So let's rename those links to about and services. And again, because this is just a simple anchor tag, you know exactly how to work with this. So the first one is link. So we'll change this to about.


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[Assistant] And the dropdown, instead of reading dropdown, we'll say is called services. And you can imagine in the future, we would have our different services in the dropdown, like.


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[Assistant] Moving with a van, moving by hauling everything yourself or something else. But this is just an example of how our navbar could look.


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[Assistant] Now, the first part of the navbar is the navbar brand.


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[Assistant] And we can see that right up here. We've got an anchor tag, which is called the navbar brand. For example, if I change it to move it, then that's going to change our brand text.


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[Assistant] Add an image, give it a source. Maybe let's use one of the images we already have in our folder. For example, the dog.jpg.


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[Assistant] Now because this image is super, super large and we haven't really resized it, then it's not really going to work in the navbar, but you can always change this. So let's change the height to just 20 pixels. Then you can see our navbar brand image show up right there.


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[Assistant] Now in our case, we're not going to use an image. Instead, I'm going to delete that tag and I'm going to use an SVG.


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[Assistant] This is a good time to show you the SVGs, which are available through Bootstrap. So if you go back to the homepage and you click on icons, you can see you got all of these free icons for you to use.


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[Assistant] In any of your websites, paid, monetized, whatever. And it's really hard actually sometimes finding well-designed icons that you can simply add to your project without having to pay royalties and buy it from a designer. So this is also really, really neat.


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[Assistant] And you can search through the different icons by using the filter. So the one that I found is actually this box with seams on it, which looks very much like a moving company box to me.


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[Assistant] And you can either simply just copy the SVG straight up into your HTML. So if I paste it in here, you'll see it show up right there. Alternatively, you can also include it as an image and you set the source to the SVG that you have saved in your folder, which is right here.


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[Assistant] I'm going to use the image in the folder by setting it as a source and I'm going to set the alt text to move it brand icon.


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[Assistant] And then I'm going to change the height to let's say 30 so that it's a little bit bigger. And we now have a navbar that looks the same as the example.


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[Assistant] Now on the right hand side, there is a form here and I know we haven't spoken much about forms. That's all yet to come when we learn more about how to have the actual form functionality later on, especially in the backend section. This is all going to come in really, really handy.


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[Assistant] But for now we're just going to change this search bar from search to say, uh, postcode and check. So that's pretty easy to find. You can either use command F to find those words or you can scroll through your code to find it as well.


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[Assistant] Let's change the button to say check and let's change the placeholder for that search bar into say a postcode.


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[Assistant] There we go. And now we've completed our navbar.


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[Assistant] You can see the nav link that I just clicked on has all the padding defined, has all of this defined, has toggle styling, and that's just one part of this entire nav bar.


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[Assistant] So you can see just how much time we're saving ourselves and we're able to leverage a professional design and create something that looks really contemporary and beautiful.


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[Assistant] Now let's move on to the next section and this entire section is made up of different components. So maybe an H1 heading, a paragraph, two buttons and an image. But if we want to just take this layout, I actually got it from the examples.


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[Assistant] The examples area is really, really good for taking bits and bobs of the different code snippets, different components that they've already styled and created for you and simply putting it into your website where it makes sense.


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[Assistant] So this is a hero and as you can see, it's this one. It's pretty much exactly the same title, text, two buttons and an image. And everything is styled beautifully already for you. In order to use it, all we need to do is right click on inspect.


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[Assistant] And now we want to expand our elements area. And what I tend to do is just to.


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[Assistant] Upwards on the hover until the highlight actually highlights the area that I want, which is this div right here. Let's go ahead and copy this div and put it into our code just below our nav box.


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[Assistant] Now, once I've done that, you can see we've got our centered screenshot, text, button, and image. Let's first fix that image so we can see what things should look like. And their source is from the Bootstrap docs, but instead we want to use the one of the moving van.


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[Assistant] So that we can show our users what our services are all about.


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[Assistant] And now, all we have to do is just to replace the text. If you look inside the starting file folder, there is a file called website text. And here, you can simply copy all of the website text and replace the relevant parts.


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[Assistant] The h1 should say move with joy. And then we've got a long bit of text, which we're going to replace with our paragraph. So let's just copy everything in that paragraph element and replace it.


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[Assistant] And then our buttons should say get a quote and contact us.


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[Assistant] And now we have a hero section done in two seconds. Okay, maybe it was a little bit longer, but you can probably see just how powerful this is.


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[Assistant] So now let's keep going. In the next section of our example website, we've got some features and this is where you would usually tell people what's so special about your particular startup. Well, our startup is really professional. We are available countrywide and we have a personal touch.


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[Assistant] And you might've guessed this comes from the bootstrap examples page. They have a section called features, and this first feature is perfect for our needs. And I think a lot of bootstrap design kind of comes from Apple.


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[Assistant] Because when you look at the Apple website, a lot of the buttons, the shading, the kind of fonts,


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[Assistant] They all look really, really similar to the Bootstrap components. And I think this is probably one of their design inspirations and we can get that simply with some copy and pasting and a little bit of customization.


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[Assistant] Again, let's go into the section of the features that we want, and then we're going to keep hovering up until we find the div that contains all the things that we want. Right click, copy, copy element, and we're going to put it below the previous section.


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[Assistant] Now let's take a look at our good work. We have our columns with icons and we've got three features.


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[Assistant] Let's change the text of all of this first, and I'm going to fast forward through the section so you don't have to watch me copy paste.


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[Assistant] And there you have it, we've now got all the text replaced and we should have all of our copy, which is the text for your website inserted into the relevant pots.


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[Assistant] Now one thing that you'll notice is very obvious is that this part does not look like this part and it also doesn't look like the part that we copied the code from. So what is going on here? Well,


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[Assistant] As I mentioned, most of the bootstrap styling and components come from bootstrap classes. For example, this one looks like this because it has a class of icon link, but sometimes, sometimes we might want to customize


[User] Please transcribe this text

[Assistant] And if you scroll up to find the div where it highlights the entire square, you can see that this div actually has some custom styling. Now the reason why we know it's custom is because all of the default bootstrap classes come from something like utilities.scss.


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[Assistant] For example, the background gradient, for example, the margins, your line, et cetera.


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[Assistant] The parts that come from custom CSS for this page.


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[Assistant] It's going to have a file that looks like this. So for this features page, they've created some custom CSS and in that custom CSS file, they've got little bits of CSS just to make things look a little bit more custom rather than coming from Bootstrap.


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[Assistant] So the part that we're missing, as you can see, is something called feature icon. So if we copy all of this CSS and put it into our CSS here between the style tags, then when we look at our website, we can see those squares styled the way we want.


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[Assistant] Now, what we're going to have to do is to remove the SVG in the examples and replace it with our own SVGs that we've downloaded.


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[Assistant] So let's go ahead and find the first one, which is here. Let's go ahead and delete this and simply add an image with the source set as the first one, which is the briefcase because we're saying how professional we are. So let's change the alt text.


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[Assistant] And the second SVG will replace with the image that is the bus front. And this is because we're saying that our services are available country-wide.


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[Assistant] And then for the final feature icon, we're going to change it to the chat square heart to say how much of a personal touch our company has. And now we should have all of the icons set up, but they're a little bit small.


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[Assistant] So in order to get it to the right size, we'll do the same thing that we did with the icon up there. We'll give it a different height.


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[Assistant] And now they are all correctly sized and while you've been doing the copy and pasting, you might notice there's another SVG here, which is the chevron right, which is this little forward button here. We can also replace that with our images.


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[Assistant] Which is the chevron right, and we'll give it an alt text.


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[Assistant] And copy and paste this to all three places where they exist.


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[Assistant] Now the reason why the SVGs that we copied from the features section doesn't work on our website is because SVGs can be installed in many different ways. We can download it.


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[Assistant] Just as I have done and put them into the project folder and you can access it through the SVG element or through an image element.


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[Assistant] Alternatively, you can simply copy the entire HTML code.


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[Assistant] For a clean look, I've simply downloaded each of the SVGs into our resources folder and added them as images. It really is up to you how you want to do it.


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[Assistant] Now that you've seen a little bit about how we can use the different code snippets from the bootstrap components or from bootstrap examples, I've got a exercise for you.


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[Assistant] We know that the next section after features is our carousel and


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[Assistant] It's simply a component that allows you to scroll through different pages. Now the one that I've chosen here has an indicator at the bottom so you can easily switch to whichever page you want. It's got the side buttons here so you can go left and right and all it has are just three large images.


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[Assistant] But be aware that the images don't go all the way to the edge. Instead, they are aligned with the rest of the content. So have a think about what you've learned before.


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[Assistant] Have a read of the Carousel documentation. Find the example that you think looks the most like the outcome and see if you can complete this challenge. Pause the video now.


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[Assistant] Alright, if you completed this challenge successfully, we've now got another section here, which is a bootstrap carousel, which is really neat when you want to display some gallery images, or maybe you have some testimonials you want users to be able to flip through, or maybe you want to show all the members of your team.


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[Assistant] And if you look inside the Carousel example here, you can see there's an example with different text, but the example that I use is actually even simpler than that. It's in the docs inside the components. So going back to the components now.


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[Assistant] We can take a look at how the carousel works if you want to have a read, but I've chosen one of the basic examples, which has an indicator where you can toggle to different pages and we simply have a big image covering the entire carousel.


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[Assistant] Now, when you paste it, you won't see anything happen at all, and the reason is because there's no images. The images are broken.


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[Assistant] And that's because the images have no source set by default. So let's go ahead and set our carousel image source. So the first one we're going to set to the couple and


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[Assistant] This is almost like an evolution of a family going from a couple to a dog to a family. And finally we have all of our photos set up.


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[Assistant] And now if we take a look, you can see our carousel is showing and it's working, but it's maybe a little bit too big. It's kind of taking up more than the height of the website. And that's because this is set to cover the entire width.


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[Assistant] If you remember from previous lessons, one of the best components to size everything evenly is from the layout section.


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[Assistant] And it is our container. We know that we're gonna get a uniform look if we put things inside a container div, so that's exactly what we're gonna do.


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[Assistant] I'm going to create a div and I'm going to set it to class of container.


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[Assistant] And now when we go back, you can see our carousel is nicely enclosed inside the container. And you can see that no matter which size I change to, we've always got a consistent look with that container responsiveness.


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[Assistant] We're now ready for the final section of our website, which is just the footer.


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[Assistant] And I haven't done a lot of work on the footer. I've simply gone into the snippets, found the footer section, picked one that I liked, and then hit inspect to find the starting point of the footer.


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[Assistant] And pasted that code into the correct position.


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[Assistant] I'm not going to modify this too much because you already know how you can do that, but just look at how easy it was to create this beautiful website in a matter of minutes using Bootstrap components.


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[Assistant] The components are really, really handy as are the snippets and the example code because they allow you to pick a style out of their palette that you like and simply add it into your website. And this makes it super easy to build well thought out designs very, very quickly.


[User] Please transcribe this text

[Assistant] In addition to the layout classes that Bootstrap gives you, the component classes, there are also utility classes and helpers. And one really important aspect of this is spacing. Very often when we're designing websites, we'll want to add margin, we'll want to add padding, and this is all spacing, right?


[User] Please transcribe this text

[Assistant] As you might remember from previous lessons, padding sets up the part between the item and the containing div, so this part.


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[Assistant] So you can set all of those values using very simple bootstrap notation. So let's run through this quickly. It's a format where you have the property.


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[Assistant] Which sides you want, a dash and then the size. And this is really easy to figure out. So for example, if I wanted to set margin only to the top of my element, then I can say mt, so m for classes that set margin, t that sets margin top or padding top.


[User] Please transcribe this text

[Assistant] And then using a dash, I can say how much margin I want. So zero is eliminating the margin and then we can add a little bit more, a little bit more, a little bit more. So if I had margin top five, that's usually the maximum that you'll need.


[User] Please transcribe this text

[Assistant] And then there's this concept of X and Y. So if you want to set the margin for both the top and the bottom, you'll use the X axis. And if you want to set the margin or padding for the left and the right, then you can use that Y axis. So maybe you'll have M Y dash three.


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[Assistant] It looks like my three, but it actually says set the margin for the y-axis to a size of three.


[User] Please transcribe this text

[Assistant] It's relatively easy once you understand it, but when you just see it in the code, it can be really, really confusing. But now you should be able to see that in our footer, we've got MB-2 and that of course stands for adding margin to the bottom.


[User] Please transcribe this text

[Assistant] Now the final neat trick I want to show you in this lesson is how you can add dark mode to your website, flipping the colors around.


[User] Please transcribe this text

[Assistant] By simply adding one property into your HTML tag.


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[Assistant] If you go into the customize section, go into color modes, you'll see that Bootstrap now supports dark mode and it can flip the entire project's theme to the opposite color simply by setting the data Bootstrap theme to dark. Let's try that out on our website.


[User] Please transcribe this text

[Assistant] Let's go all the way up to our HTML. After the language is set, let's change the theme to dark. And you can see our entire website has now been reformatted to a dark theme.


[User] Please transcribe this text

[Assistant] Which is super neat if this is the design that you want or if later on when we learn about JavaScript and we can put in buttons to change the theme of our website to whichever the user prefers so that the user can change that theme to whichever they prefer.


[User] Please transcribe this text

[Assistant] So now you're starting to see how powerful Bootstrap can be using these examples, using snippets, using the pre-built components and styling, as well as the layout system.


[User] Please transcribe this text

[Assistant] But if you've tried to build websites before, you've probably come across full page themes completely built out for you. For example, with Squarespace.


[User] Please transcribe this text

[Assistant] The catch though is you're going to have to pay something like £12 a month or $10 a month in order to just be able to use these templates of theirs and to have your website on the internet.


[User] Please transcribe this text

[Assistant] What I want to show you is that with Bootstrap, there are a whole bunch of free themes and paid-for themes that you can use that are one-off costs for you to build beautiful websites and simply customize the themes now that you know all about Bootstrap. One handy template is from W3schools.


[User] Please transcribe this text

[Assistant] And they have some of the most common website layouts, like a blog. You might have a sidebar, main, a footer, or what a portfolio might look like, or what a webpage might look like, a social website, et cetera, et cetera. And they've built these simple examples for you to be able to simply take the code and customize.


[User] Please transcribe this text

[Assistant] In order for you to use their examples, you can simply do as we have done, find a template that you want to replicate and then customize it and maybe add some more custom CSS in order to achieve the look that you want.


[User] Please transcribe this text

[Assistant] If you think that these are a little bit basic because they are, the idea is they're mostly for layout, getting the big structure done using the Bootstrap layout system.


[User] Please transcribe this text

[Assistant] There are a lot of other beautiful bootstrap themes that are more complete in a way, starting with the official bootstrap themes itself. If we head back to the main bootstrap website, click on themes, you can see that they've got these professionally designed websites.


[User] Please transcribe this text

[Assistant] And many of them look absolutely incredible. So depending on what it is that you're trying to build, you could use one of these templates. But the only downside to this is they are in fact all paid for because there's a lot of work that's gone into it, right?


[User] Please transcribe this text

[Assistant] But these are mostly one-off costs and if you don't want to pay to get a theme, you can always search through Google for free bootstrap templates.


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[Assistant] And you'll find a whole range of websites that have free and paid for bootstrap websites. And again, you can do the same thing as we've been doing so far in this lesson, just getting hold of the components you want, customizing it and getting the design that you're looking for.


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[Assistant] So hopefully in this lesson, you've seen that Bootstrap can be incredibly easy to create components and features in our websites very, very quickly. And it has consistent and beautiful design to boot.


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[Assistant] And if you've really taken to bootstrap and web design, you can even create and sell your own themes. If you really enjoy working with bootstrap and designing websites and creating websites using the bootstrap components, you can create the templates yourself and put them onto marketplaces and sell them as a potential source of income.


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[Assistant] So have a play around with the other components, see what Bootstrap themes are out there. And in the next lesson, we've got the final project for this section where you're going to be building a fully fledged startup website or by yourself using your knowledge of Bootstrap. So all of that and more, I'll see you there.


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[Assistant] Got it. I'll get those campaign offices evacuated. But if you're wrong about this, you're gonna help me find a new job.


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[Assistant] The antiserum's ready, and I'm going to supervise production.


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[Assistant] I seem to be completely vulnerable with you. I'm going alone. End of discussion.


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[Assistant] Welcome to this session on procrastination. Let's start by finding a quiet place to sit where you won't be disturbed.


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[Assistant] Sit comfortably with a straight back, close your eyes, and settle in for today's session.


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[Assistant] And with each breath you take, let your body begin to feel more and more at ease.


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[Assistant] Now take notice of where you feel the breath most clearly.


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[Assistant] You may notice it most strongly in the abdomen as it rises and falls.


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[Assistant] It may be the chest as it expands and contracts.


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[Assistant] Or it may be the base of the nostrils, where the air flows above the upper lip.


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[Assistant] If your mind is active, if you feel distracted, see if you can pull yourself back.


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[Assistant] It's easy to want to follow our train of thoughts. Each thought feels urgent or compelling, definitely more interesting than the breath. But in this time that we have, see if it's possible to work with the resistance rather than following distractions. So if you're experiencing discomfort, soften into it rather than resisting it. And do so in a gentle, compassionate way.


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[Assistant] If your body feels uncomfortable, even if you feel agitated.


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[Assistant] See if rather than turning away, you can soften into what's happening.


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[Assistant] Now relax your attention, but notice how you feel.


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[Assistant] Today I'd like to talk about procrastination and how mindfulness can help us overcome it.


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[Assistant] We all struggle to get moving on important tasks, writing that screenplay, updating that resume, launching that website.


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[Assistant] Important projects bring up unpleasant emotions like boredom, anxiety, and fear. Procrastination is a coping mechanism to help us avoid these strong emotions. If we ignore that school paper, put it off until tomorrow, our mood improves instantly and we feel short-term relief.


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[Assistant] By avoiding important undertakings, we have the potential to squander opportunities, damage our reputation, harm relationships, and hurt our self-esteem.


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[Assistant] In a self-defeating storm of avoidance, we can become our own worst enemy.


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[Assistant] While procrastinating, we often lack awareness of what's happening on a deeper level.


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[Assistant] This is where awareness and emotional self-control can serve us.


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[Assistant] When you feel that pang of anxiety, or that urge to reach for distraction,


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[Assistant] Perhaps you're dreading the boredom of delving into that project. Maybe you observe a deep fear of failure and worry that you don't have the ability to succeed.


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[Assistant] Then it could be a combination of these or other factors. Second, keep in mind what's at stake.


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[Assistant] And ask yourself if the short-term relief right now is worth a bad mark in that class or a risk to your career. If your failure keeps you locked in avoidance.


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[Assistant] Ask yourself if this short-term relief is worth a delayed outcome. Third, set up a reward for yourself.


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[Assistant] Once you put in a solid working session or a full day's work.


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[Assistant] Even if it's something simple like an hour of Netflix or a bowl of ice cream.


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[Assistant] Finally call on one of the great skills of mindfulness, the ability to maintain focus on the present moment.


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[Assistant] Remain aware moment by moment as distractions arise.


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[Assistant] And with that awareness, keep pulling yourself back over and over.


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[Assistant] Strengthening the muscle to stay strong amidst temptation.


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[Assistant] Important to remember when working through procrastination is to practice non-judgment and self-compassion.


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[Assistant] We also come to delays, distractions and diversions.


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[Assistant] As we learn and practice, all we can do is focus on the very moment in front of us.


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[Assistant] Which if we're mindful, has the potential to lead the way towards progress and possibility. So in the words of Daniel Goleman, starve your distractions, feed your focus.


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[Assistant] Now when we were on the phone, uhm, a few weeks ago, uhm, you mentioned to me that, uh, there was quite an interesting result came out of that Gallup survey.


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[Assistant] But Danny, the whole American endeavour is about, you know, life, liberty, the pursuit of happiness. If people took seriously


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[Assistant] I mean, it seems to turn upside down everything we believe about, you know, like for example, taxation policy and so forth. Is there any chance that politicians, that the country generally would take a finding like that seriously and run public policy based on it?


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[Assistant] Well, it seems to me that this issue will or at least should be the most interesting policy discussion to track over the next few years. Thank you so much for inventing behavioural economics. Thank you, Danny Kahneman.


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[Assistant] Let's take a picture together. Say cheese!


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[Assistant] I'll explain later. Listen, Lee's going to release the Devil's Breath.


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[Assistant] Alright, why don't we get started. Uhm, today we're going to continue our discussion of producer theory.


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[Assistant] Working on consumer theory to help us derive a demand curve.


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[Assistant] Now we're working on producer theory to help us come up with supply curve.


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[Assistant] Uh, we started last time by talking about how producers profit maximize.


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[Assistant] And the profit maximization implies cost minimization.


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[Assistant] Uh, that if you want to maximize profits, you're going to want to produce as efficiently as possible. And basically to do that,


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[Assistant] We need to understand how your costs vary with your output. If you're going to produce at an efficient level, you need to understand how what your costs are going to vary with your level of production.


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[Assistant] So essentially our goal of this lecture is to develop a cost curve.


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[Assistant] Develop a curve which tells you how the cost of your production varies with how much you produce. And that's what we're after in this lecture. Okay?


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[Assistant] So we're gonna start in the short, with the short run and then turn to the long run. So start with developing a short run cost curve and then turn to the long run.


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[Assistant] Okay, and to make this lecture sort of mathematically coherent,


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[Assistant] Throughout the whole lecture, we'll work with our favorite functional form, a production form of the function q.


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[Assistant] Equals the square root of L times K. Remember, firms produce goods, little q, using two inputs, labor and capital. Labor is a variable input, that means you can change it in the short run and the long run. Capital is a fixed input, which means that you can only change it in the long run. Okay?


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[Assistant] So in the short run, we're gonna have two kinds of costs. We're gonna have fixed costs, which are gonna come from a fixed level of capital.


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[Assistant] And we're gonna have variable costs. We're gonna come from our labor. So we're gonna have two kinds of costs. Fixed costs, they're fixed because in the short run you can't change the level of capital. And variable costs, which are the costs of our labor.


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[Assistant] Okay, so that's where we think about cost. Think about any cost. The cost of a firm's production in the short run is the sum of their fixed costs, i.e. their capital costs, and the variable costs, i.e. their labor costs. Now, we're gonna show you


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[Assistant] You simply need to recognize that costs, the costs of furnace production,


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[Assistant] Are simply the amount of capital it uses, k bar, times the price of that capital, which we'll call r.


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[Assistant] Plus the amount of labor it uses, times the price of that labor, which we'll call W, or the wage. Okay? This is the easy part.


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[Assistant] Think of the amount of hours of work you use times the wage per hour, or the amount of workers times the salary per year. In any case, this is easy to understand. Every additional unit of labor comes with the cost that is the wage of that unit of labor. So think about an hourly model. Every hour you work at your convenience store, they have to pay you the minimum wage for that hour. Okay, that's the cost of that hour of labor.


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[Assistant] And the reason is because we don't think of, don't think of buying capital. Don't think of buying a machine. Think of renting a machine. The reason we do that is to make the periodicity work.


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[Assistant] So when the firm uses your time, they're renting your time, an hour at a time, at a price w.


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[Assistant] Get machines. Think of a firm as renting machines.


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[Assistant] For a price R per machine, per time period.


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[Assistant] Okay, so I understand firms usually don't do this, they usually buy machines, and we'll come back to, even if you buy a machine, how it effectively is like renting it.


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[Assistant] But for ease of thinking about this, we want to think about flows, not stocks. So you have the firm's decision as renting a worker at the price wage, at the price W, a renting machine, the price R. Yeaah.


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[Assistant] All that would be in there and we'll come back to that. That's right. This is sort of the per period cost of using a machine. This is the per period cost of using a worker.


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[Assistant] Is the wage. This is the per period cost of using machine, which will include all the costs of running the machine, as well as the cost of renting the machine itself. Okay?


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[Assistant] So later we'll talk about how to own the machine and we'll come back to the fact that you can actually, our representation is not bad. But for now, just think of renting a machine or if it's a building, think of this as the rent you pay on that building. Okay, not the cost of building a building. Now, armed with our production function, okay,


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[Assistant] And let's also say, to make life easy, uh, I did this wrong in my notes, so I hope my, the other teachers figure it out, uh, to make life easy,


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[Assistant] Let's say, let's say that the rental rate R, we're gonna say is $10, and the wage rate W is gonna be $5. Okay? Now, armed with a production function, if you simply have the production function,


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[Assistant] We know that Q equals square root of L times K bar. Okay, in the short run. L times K bar. Okay. So inverting that simply means that L equals Q squared over K bar.


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[Assistant] The price, the rental rate is 10. We have K-bar amount of capital.


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[Assistant] Plus 5q squared over k bar. Okay, that's our cost function. Okay, I just plugged in for L.


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[Assistant] And then I multiply, I plug that in for l and multiply by the wage rate w, which is 5. Okay?


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[Assistant] So for example, for a fixed level of capital, this is cost. So for example, let's imagine our short run level of capital is one.


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[Assistant] Let's imagine we have one unit of capital in the short run, just to make the math easy.


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[Assistant] Then that simply says that cost equals 10 plus 5q squared. And that's our cost function. 10 plus 5q squared. We've just derived the short run cost function.


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[Assistant] That doesn't vary with the amount you produce, so there's no q part of this. 5q squared is the variable component. That varies with how much you produce.


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[Assistant] So the cost function is a fixed part, which comes with the fact that one fixed unit of capital. And a variate part,


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[Assistant] Which comes from the fact that the amount of Q, that the amount of Q drives the amount of labor we need. Okay? Questions about that math?


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[Assistant] Now, armed with this cost function, let's write that down again here. So c equals ten plus five q squared.


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[Assistant] That's going to be our short run cost function we're going to work with. And remember, that short run cost function came directly from that production function. To derive this equation.


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[Assistant] All I needed was that production function and those two prices.


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[Assistant] And I derive this, okay? Armed with that,


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[Assistant] Okay, we can define some of the key concepts that will drive our entire analysis of firms. And the single most important concept is marginal cost. Which is what it sounds like. The derivative of cost with respect to quantity.


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[Assistant] Okay, so in this, it's the marginal cost is delta c delta q.


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[Assistant] Okay, we'll also care about average cost, which is just c over q.


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[Assistant] Okay, it's very important in this class to keep our margins different from our averages. The average is simply over the entire range of production. What is the average cost of producing each unit?


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[Assistant] The marginal is what's the cost of producing the next unit.


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[Assistant] And since production functions are non-linear, those will not be the same, generally. Okay, average will not equal marginal in general, because of non-linear function, delta, c delta q is not the same as c over q. Okay? So we can actually graph these in figure 6-1.


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[Assistant] Figure 6-1 shows the cost curves for this cost function I just wrote down, which comes from that production function. Okay? So you can see that the marginal cost


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[Assistant] As I said, it's delta C, delta Q, well that's 10Q.


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[Assistant] So the marginal cost, the cost of producing the next unit rises with the number of units. Which makes sense, the cost is a q squared term in it, so obviously the marginal cost is going to have a q term in it.


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[Assistant] So basically the more you produce, the higher your marginal cost. The more units you produce, the more little q, the higher your marginal cost. Average cost is this sort of funky shape thing.


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[Assistant] Where it's, which is 10 over q plus 5q. I just divided this by q. Okay? Where it's first declining and then increasing. Why is that? Why is average cost first declining and then increasing? Let's see, what, just intuitively, why is that? Why in general, in the short run, would we expect that? Average cost first to fall and then increase. Anyone have ideas? Yeah.


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[Assistant] Well, no, but it's falling first. So why is it, why is it falling first? You're, it's about that. Yeah.


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[Assistant] Right, the first units are paying off your fixed costs if you think about it. Well the first units you sell, basically you start with this huge fixed cost. So actually, by selling two units,


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[Assistant] So look at here on this graph, we show average fixed costs and average variable costs. Average fixed costs are 10 over q.


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[Assistant] If you only produce one unit, your average, your average fixed cost is ten. If you produce units, it's five. With every unit you produce, your average fixed cost is falling. You're paying off that fixed cost. Average variable cost rises.


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[Assistant] Every unit you produce, you're getting more and more variable costs.


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[Assistant] You put those together and you get a function that first declines and then rises.


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[Assistant] You first pay off your fixed costs, so your average costs are falling, then your marginal cost, then you start to rise because you've got marginal costs that increase the quantity produced. And critically,


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[Assistant] The marginal cost intersects the average cost curve at the minimum of average cost. And that's just mathematical, okay. If you have any function and you take the average, then the minimum is going to be at the derivative.


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[Assistant] Okay, that basically, before you get to here, 1.5 units, before 1.5 units,


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[Assistant] Average cost is above marginal cost.


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[Assistant] Because you're paying off your fixed costs. Once you get beyond 1.5 units, average cost is below marginal cost. So average cost hits marginal cost at the minimum average cost. Yeaah.


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[Assistant] It depends on this function. You said large, but large can be defined in two ways.


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[Assistant] But absolutely true. Certainly, if we take this very function, for large enough q's, average fixed cost asymptotes to zero. Right? 10 over infinity is zero. So for large enough q's, the average fixed cost goes away. Okay? In the short run. Remember, we're in the short run with these fixed costs. Okay? Now, so other questions, good question, other questions about that.


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[Assistant] So that's our basic intuition in the short run, is that at first your costs are super high, cause you gotta pay, cause you had to build the plant.


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[Assistant] What we want to notice is that in the short run,


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[Assistant] There is a really close relationship. One of the key relationships between marginal cost


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[Assistant] And the marginal product of labor, which you defined last time, and the marginal product of labor was DQDL.


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[Assistant] How much, remember digging a hole and diminishing marginal product that each additional worker for a fixed level of capital is less and less productive, right? We talked about that last time. Well, the marginal cost of production is, as I said, equal to delta C over delta Q. Okay? Well, we know from last time that delta Q over delta L we defined as the marginal product of labor.


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[Assistant] And, uh, so we know marginal cost of delta c delta q.


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[Assistant] Okay, and we can write this if you take the derivative.


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[Assistant] Of the cost function. So our general cost function up there. See the cost function at the top there?


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[Assistant] Take the derivative of that with respect to the amount of labor. Well, the first term drops out because it's fixed. So you can rewrite delta c delta q.


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[Assistant] W times delta L over delta Q. Okay, a little bit better. Okay, I read that because I just took the derivative of the cost function.


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[Assistant] Okay, first term drops out, we take the derivative, second term, I just took the derivative here, or the discrete derivative, and I just said, delta c delta q is w times delta l delta q. Well, we know the marginal product is delta q over delta l, so we can rewrite marginal cost


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[Assistant] Is equal to W over the marginal product of labor. And that makes sense. The marginal cost of the next unit will be higher the higher the wage and lower the more productive the worker. Making another unit with a super productive worker is cheap. Okay, making another unit with a very unproductive worker is expensive. So essentially the more you pay them for each hour of work,


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[Assistant] But the less they get done each hour of work, the higher your marginal cost.


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[Assistant] So that's why, roughly speaking, firms might want to pay a lot to people who are high skilled.


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[Assistant] Okay, so you might say, gee, why they payin' my friend twice what I'm payin', well maybe your friend's twice as productive as you. Okay, that would make, or two and a half times as productive as you, and that would make sense.


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[Assistant] So we can't just say that it's a mistake to pay someone higher wages. We have to consider their wages relative to how productive they are. Okay? And that's a key relationship, uh, we will, uhm, we'll come back to. Okay? Questions about that? Alright. That's a short run. Now let's go to the long run.


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[Assistant] Okay, long run cost. Now here what gets interesting is now K is no longer fixed. Now we get to choose our input mix. Okay. And now our goal is going to be, how do we choose our input mix to minimize costs?


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[Assistant] That's our goal here. How we're gonna choose the mix of workers and machines to produce a given quantity most efficiently. Now that optimal mix may change with the quantity.


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[Assistant] So we're gonna start, we're gonna do two steps. First we're gonna say, for a given quantity, picked out of a hat.


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[Assistant] What's the right mix of labor and capital that minimizes the cost of producing that quantity, given our production function?


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[Assistant] Then we're gonna say, as the quantity varies, how does that change the optimal mix of L and K? And does it? Okay, so two steps. First, say for a given quantity,


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[Assistant] We want to find the economically efficient combination of L and K.


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[Assistant] Which is a combination that produces goods at minimum cost.


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[Assistant] Okay, and to do this, we are going to write down, to derive this, we're going to write down what we call isocost curves.


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[Assistant] Isocost Curse. Remember last time we did isoquants, which felt a lot like a difference curse? Isocosts feel a lot like budget constraints.


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[Assistant] Okay, they're essentially mappings of the function c equals wl plus rk. Essentially mappings for different amounts of k and l of the function c equals rk plus wl. So if you look at figure 6-2, here we see our isocost lines. Okay, so let's talk about this for a second. So for example, take the middle one, the $100 isocost.


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[Assistant] This is saying, what combinations?


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[Assistant] Or 20 workers and no machines, or some combination in between. Okay?


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[Assistant] This is just a budget constraint. It's just saying, given the amount of money you want to spend, given your cost,


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[Assistant] Okay, how many machines or workers can you have? The difference is...


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[Assistant] We don't start, I didn't start this example by saying your parents give you X dollars. That's why firm theory is harder than consumer theory.


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[Assistant] I pinned down the consumer theory problem much more easily by saying your parents give you x dollars, which told you which line to draft, graph. I don't have that here. I haven't told you that here. So you have to graph the series of isocost curves, because you don't know what the optimal cost is going to be. That's going to be pinned down later. That's what makes supply theory harder.


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[Assistant] Okay, you have to draw the series. So you draw these series of iso-cost curves. Different combinations.


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[Assistant] That represent different amounts, different totals of cost. And of course, the slope of that iso-cost curve is delta K, delta L, or minus W over R.


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[Assistant] Now, those of you thinking ahead, I know you guys are very insightful as a class, I'm sure some many of you thinking ahead might think, gee,


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[Assistant] That slope might not, that slope might change as the number of workers and machines changes. Could you imagine the relative price of capital labor changes in different costs? And it might, and we'll put that aside for now. For now, assuming for every relevant quantity, these prices five and ten dollars are fixed.


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[Assistant] Let's ignore where those prices come from. They're just given now. We'll come back to that later. Okay? Like I said, this course is sort of like peeling an onion.


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[Assistant] We raise things, then we come back and go to the next layer, where'd that come from? Right now we're, we'll tell you where w and r come from.


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[Assistant] Right now we're just gonna take them fixed. I'm gonna assume they're always five and ten dollars regardless of the amount produced. Okay? Now, here's the question. You're a firm that wants to produce a certain amount of units. You have a production function and a cost function. How do you graphically figure out


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[Assistant] The right combination of capital and labor to use to produce a certain amount of units. Yeah.


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[Assistant] Just as I asked you what is the right combination of pizza and cookies, and you told me that it was the


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[Assistant] Tangency of the indifference curve and the budget constraint, it's the exact same logic here.


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[Assistant] The optimal mix of capital and labor comes from the tangency.


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[Assistant] Of the isoquant with the isocost, as we see in figure 6-3. And ignore the like.


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[Assistant] Somehow that curve is sort of connected at the top. It's sort of a glitch of PowerPoint. Just ignore that. It's not actually like a square or a trapezoid. It's just a curve. What would you call that? The curve and the two sides? Is that a?


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[Assistant] That's not trap, that's not, that's a, it's not a polygon. Okay? It's just a line. Alright? Uhm, so basically, uh, is there a name for that? A curve and two lines? I don't think so.


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[Assistant] It's just a polygon, right? Okay. So it's not a polygon, it's just a curve. Okay? So the curve is the isoquant for the square root of 12.5. What do I mean by that? I mean, that is the combination of capital and labor.


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[Assistant] That delivers square root of 12.5 units of production.


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[Assistant] Okay, so what that curve is, all possible combinations of capital and labor that deliver square root of 12.5 units.


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[Assistant] Okay, just like the indifference curve is all possible combinations of pizza and cookie that leaves you equally happy, this is all possible combination of capital and labor that leads you to a given production level.


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[Assistant] And as we said, the further out the isoquant, the more you can produce. So you want to produce as much as you can, given the prices you face in the market.


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[Assistant] Well, those price you face in the market are delivered by the ISO cost curve.


[User] Please transcribe this text

[Assistant] So the tangency is the best, is the cost minimizing point. That's when you're producing the most you can, given the cost you face in the market. The most you can, given the cost you face in the market. Okay? And that tangency condition, once again, considering our parallels to consumer theory,


[User] Please transcribe this text

[Assistant] That tangency condition is going to deliver that the marginal product


[User] Please transcribe this text

[Assistant] Actually the negative of these can be equal to each other, but we'll just cross out the negatives. So the negative of mpl over mpk, which we call the marginal rate of technical substitution, is equal to the negative of w over r. The slope.


[User] Please transcribe this text

[Assistant] The optimal point is where the marginal rate of technical substitution equals the slope.