I explain the idea of fixed resources and the law of diminishing marginal returns. I also discuss how to calculate marginal product and identify the three stages of returs: increasing, decreasing, and negative returns. For more econ stuff, visit my website www.ACDCEcon.com Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji High school version of this video- https://www.youtube.com/watch?v=_TQ62MwzSrY Next Video- Economies of Scale https://www.youtube.com/watch?v=JdCgu1sOPDo Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Twitter (#askclifford) https://twitter.com/acdcleadership?lang=en By the way, I had some songs from West Side Story in my head while I was filming.
Views: 569286 Jacob Clifford
In this video on the marginal product of labor, we discuss some commons questions such as: How are wages determined? Why do most Americans earn so much by global standards? What exactly is meant by ‘human capital’? Do labor unions help workers, and if so, by how much? How does discrimination affect labor markets? How is the demand for labor different than the demand for a good? We’ll discuss how to derive the demand for labor based on the marginal product of labor, and use real-world examples — such as the demand for janitors in a fast food restaurant — to illustrate this calculation. We’ll also cover an individual’s labor supply curve vs. market supply of labor. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1T7fDDC Next video: http://bit.ly/21Zs6u9 Help us caption & translate this video! http://amara.org/v/GZRc/
Views: 77885 Marginal Revolution University
The short-run production function describes the relationship between output and inputs when at least one input is fixed, such as out output varies based on the amount of labor used. We can use this production function to find the total product of labor, the marginal product of labor, and the average product of labor. AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
Views: 7288 Khan Academy
Thinking about how much incremental benefit a firm gets from hiring one more person Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/labor-marginal-product-rev/v/how-many-people-to-hire-given-the-mpr-curve?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/average-costs-tutorial/v/fixed-variable-and-marginal-cost?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 148141 Khan Academy
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Diminishing Marginal Product” Diminishing marginal product is the property whereby the marginal product of an input declines as the quantity of the input increases. Diminishing marginal productivity is the understanding that using additional inputs will generally increase output, but there also is a point where adding more input will result in a smaller increase in the output, and there is another point where using even more input will lead to a decrease in output. As an example, let’s consider a burger restaurant that wants to increase profitability. Increasing the amount of meta (the input) that goes on each burger can create a more delicious product and sell more burgers. But at some point, the burger reaches an optimal size. The amount of meat must be balanced with the cooking time, amount of ketchup and other condiments, if any. If the restaurant continues to add more beef to the burger beyond the optimal level, its sales will decline because customers will not enjoy burger that leave them with a messy burger and little else. If the restaurant wants to continue to increase its profitability after optimizing the amount of meat in its burger, it might look at increasing a different input, such as size of roll or condiments, or adding another product, such as fries or milk shakes. By Barry Norman, Investors Trading Academy - ITA
Views: 9163 Investor Trading Academy
https://goo.gl/3nPBnl for more FREE video tutorials covering Macroeconomics.
Views: 2390 Spoon Feed Me
Given the basic form of the Cobb-Douglas production function, we'll find the partial derivatives with respect to capital, K, and labor, L. Thereby finding the marginal products of capital and labor. Starting with Cobb-Douglas production function: Y=F(K,L)=AK^α L^(1-α) Derivative of output w.r.t. Labor, then differentiation of production with respect to capital. Finding the wage rate and marginal product of labor. And finding the rental rate and the marginal product of capital. More Intermediate Macro Video: https://sites.google.com/site/curtiskephart/ta/intermediate-macro-solutions
Views: 210592 economicurtis
Visual explanation of Production Theory, Total Product, Average Product, and Marginal Product of Labor used in economics classes. This is the first of three videos on the play list. Like us on: http://www.facebook.com/PartyMoreStudyLess
Views: 140575 Economicsfun
Visual tutorial on production theory. This video uses numbers to explain total product, average production, and marginal product. These are typical topics discussed in economics and especially microeconomics classes. Like us on: http://www.facebook.com/PartyMoreStudyLess PlayList on Production Theory : http://www.youtube.com/playlist?list=PLFF0FC31E6A4D8E82 Related Videos International Trade Edgeworth Box Diagram http://www.youtube.com/watch?v=7QFAQJBq1uk
Views: 183564 Economicsfun
Do you recall our question about Germany and Japan from our previous video? How did they achieve record economic growth following World War II? Today's video will help answer that question. We'll be digging into the K variable of our simplified Solow model: physical capital. To help with our discussion, we’ll be exploring two specific concepts. The first is the iron logic of diminishing returns which states that, for each new input of capital, there is less and less output produced. Your first input of capital will likely be the most productive, because you’ll allocate this first unit to the most important, value-adding tasks. The second concept we’ll cover is the marginal product of capital. This concept describes the output created by each new unit of invested capital. Can you already see how these two forces of capital help answer our question about Germany and Japan? For these two war-torn countries, the first few units of invested capital had a lot of bang for their buck. The first roads between destroyed cities, the first new steel mills, the first new businesses—these helped boost their growth rate tremendously. Even more so, remember that Germany and Japan were growing from a low economic base after the war. It's easy to grow a lot when the base is small. But all else being equal, you'd rather have a larger base, and grow slower. Capital has some more nuances worth thinking about, which we'll show in the next video. So get to watching, and in our next macroeconomics video, we'll show you yet another problem surrounding physical capital. Related video: Puzzle of Growth: http://bit.ly/1T5yq18 Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1SgTXz5 Next video: http://bit.ly/1MvGg2D Help us caption & translate this video! http://amara.org/v/IF0a/
Views: 192284 Marginal Revolution University
This video shows how to calculate marginal product of labor and discusses increasing and decreasing returns to labor. The problem is taken from Economics: Principles and Applications, 6th Edition, by Robert Hall and Marc Lieberman, and is Ch. 7 problem #1. See the "Practice Problems" playlist for an archive of daily practice problems. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 29450 jodiecongirl
For the Advanced Microeconomics Review please go to: http://bit.ly/2aj1txm "AP" is owned by the College Board which does not endorse this site or the above review. Study questions: 1) How does a firm determine how many workers to use? 2) How is MRP & MPL calculated? 3) If the wage of employees in perfect competition goes up, what would you expect to happen to the number of workers that the firm uses? 4) If demand for the product goes up (so price goes up), what would you expect to happen to the number of employees used? Explain 5) Based on the numbers below, state how many workers you think should be used. Assume that the product is produced in a perfectly competitive market where price = $2. Also, assume that labor is in a perfectly competitive market, with a going wage of $40 per day... # of workers 0 & output = 0 # of workers 1 & output = 30 # of workers 2 & output = 50 # of workers 3 & output = 65 # of workers 4 & output = 75 # of workers 5 & output = 79 6) Do the output numbers in question five show the law of diminishing marginal returns? Why or why not?
Views: 151025 AdvancedEcon
It is a HD video. In case the video is blurred, click the gear wheel at the right bottom corner of the player and change the quality of the video. This lesson explains the basics of Relation between AP and MP curves. ISC, CA-CPT, B_Com, B.A and Post-graduate students can use it to their advantage. For more videos on Economics and Statistics, visit my BLOG http://economics-nallasivam.blogspot.in Send your feed back to - [email protected]
Views: 20834 Vellaichamy Nallasivam
This video provides a mathematical review (some calculus is used) of the key concepts in short-run production. You will learn how to derive the average product of labor and marginal product of labor functions,including how to find maximum short-run output, where average product is maximized, and where diminishing marginal returns to labor begin.
Views: 12808 1sportingclays
Tutorial on marginal productivity of capital (MPK) using the production function. Capital (K) is plotted along the x axis and Output (Y) is plotted along the y axis. Like us on: http://www.facebook.com/PartyMoreStudyLess
Views: 40834 Economicsfun
I created this video with the YouTube Video Editor (http://www.youtube.com/editor)
Views: 2745 carleesha chambers
This lesson is on the relationship between marginal product and marginal cost. This lesson will also discuss the relationship between the supply curve and the marginal cost curve. The marginal cost curve will go down than up because of the law of diminishing marginal returns. The marginal cost curve is the most important cost curve of the firm.
Views: 15684 Chris Thomas
Marginal revenue product of labour (MRPL) is the extra revenue generated when an additional worker is employed. The formula for MRPL = marginal product of labour x marginal revenue. The demand curve for labour tells us how many workers a business will employ at a given wage rate in a given time period In the theory of competitive labour markets, the demand curve for labour comes from the estimated marginal revenue product of labour (MRPL)
Views: 14749 tutor2u
LAW OF DIMINISHING MARGINAL PRODUCT OF LABOUR | श्रम का सीमांत उत्पाद ह्रास नियम | ECONOMICS VIDEOS | GEI #LawOfDiminishingMarginalProductOfLabour #LawOfDiminishingMarginalProduct #LawOfDiminishingMarginalProductInHindi If you like this video and wish to support this EDUCATION channel, please contribute via, * Paytm a/c : 9051378712 * Paypal a/c : www.paypal.me/RaghunathJaiswal [Every contribution is helpful] Thanks & All the Best!!! WE NEED YOUR SUPPORT TO GROW UP..SO HELP US!! Hope you guys like this one. If you do, please hit Like!!! Please Share it with your friends! Thank You! Please SUBSCRIBE for more videos. https://www.youtube.com/channel/UCFzUEzxnRDsbWIA5rnappwQ?sub_confirmation=1 #LawOfDiminishingMarginalProductExample #LawOfDiminishingMarginalProductOfLabor #EconomicsClass10 #EconomicsClass11 #EconomicsClass12 #EconomicsInHindi #EconomicsVideos #IgnouEconomics #NiosEconomicsClass10 #NiosEconomicsClass12 #Nios Watch our other videos: NEED FOR PLANNING AND STRATEGY FOR PLANNING - https://youtu.be/PwKIV6HyQoI JUSTIFICATION OF THE STRATEGY OF INDUSTRIALIZATION - https://youtu.be/sD9v0OL7woM NEW ECONOMIC POLICY LIBERIZATION,PRIVATIZATION AND GLOBALIZATION - https://youtu.be/tQP07jIxlZw ACHIEVEMENTS OF ECONOMIC PLANNING - https://youtu.be/SmdIePBGWPI DRAWBACKS OF PLANNING AND FAILURE OF PLANNING - https://youtu.be/DnddulG1ej4 CENTRAL PROBLEMS OF AN ECONOMY part 1 - https://youtu.be/DkBKKt3DT0A CENTRAL PROBLEMS OF AN ECONOMY part 2 - https://youtu.be/TSLB8rQUqHo CENTRAL PROBLEMS OF AN ECONOMY part 3 - https://youtu.be/qVP-EZudfMs WHY DO ECONOMIC PROBLEM ARISE - https://youtu.be/P3WUS9XS3l4 Follow us - https://www.facebook.com/raghunathjaiswal Do watch our other channels too- GyankakshTv - https://www.youtube.com/channel/UCetNwLf7pJVvjGE1rTrCCiA Born Hungry - https://www.youtube.com/channel/UCc6H0LA6vLzD-uIWsmiaFXw Artistree World - https://www.youtube.com/channel/UCD1_UOPlJ_RzrcwaOJJB3pw Music - www.bensound.com Buy Breakup it's not an end... (A Romance Fiction Book) Click here - http://www.infibeam.com/Books/breakup-its-not-end-raghunath-jaiswal/9789383562367.html
Views: 112 Gyankaksh Educational Institute
Online Private Tutoring at http://andreigalanchuk.nl Follow me on Facebook: https://www.facebook.com/galanchuk/ Add me on Linkedin: https://www.linkedin.com/in/andreigalanchuk?trk=nav_responsive_tab_profile
Views: 5840 Andrei Galanchuk
New video for this topic- https://www.youtube.com/watch?v=C3m9FC3T3vw In this video I explain the relationship between marginal product and marginal cost. The bonus round explains a numeric example that shows that MP and MC are mirror images of each other. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class. ACDC is Mr. Clifford's teaching philosophy: Active Learning Cooperative Learning Discovery Learning Community
Views: 269808 Jacob Clifford
Measures of Productivity - Average Product and Marginal Product of Capital and Labor - Sample Problem without Calculus
Views: 44699 jsearcysfc
Demand Curve for Labour - Marginal Revenue Product (MRP). A video covering the Demand Curve for Labour - Marginal Revenue Product (MRP) Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 94264 EconplusDal
[ COMPLETE VIDEO LIBRARY: http://www.halsnarr.com/snarrinstitute.htm ] Long run production function (0:00), short run production function (1:27), Law of Diminishing Marginal Productivity (3:48), graphing total and marginal product of labor (5:56), short run output, expenses, revenue, and profit equations (7:20), short run profit maximization rule using graphs (10:14, 21:54), short run profit maximization rule using calculus (12:00, 21:54), short run labor demand equation (16:11), graphing the labor demand equation (17:03), shifting short run labor demand (19:15), long run cost minimization (22:40), solving long run production for K yields the isoquant (22:56), graphing isoquants (24:09, 25:02), isocost (25:53), graphing isocost (26:54), rising cost shifts isocost (28:03), rising price of K rotates isocost (29:01), rising wage rotates isocost (31:19), long run cost minimization (33:15), long run labor demand and the output effect of falling wage (38:41), scale and substitution effects (42:28), elasticity of substitution and curvature of the isoquant (45:57), application: the free market punishes firms that discriminate (47:00), application: affirmative action can work (48:06) or can put firms out of business (49:29), perfect substitutes and perfect complements in production (54:48)
Views: 12155 The Snarr Institute
To increase output in the short run, a firm must increase the amount of labor employed. Three concepts describe the relationship between output and the quantity of labor employed: 1. Total product TP 2. Marginal product MP 3. Average product AP Product Schedules Total product is the total output produced in a given period. The marginal product of labor is the change in total product that results from a one-unit increase in the quantity of labor employed, with all other inputs remaining the same. The average product of labor is equal to total product divided by the quantity of labor employed. As the quantity of labor employed increases: Total product increases. Marginal product increases initially …but eventually decreases. Average product decreases. The law of diminishing returns states that: As a firm uses more of a variable input with a given quantity of fixed inputs, the marginal product of the variable input eventually diminishes. AP & MP curves When MP exceeds AP, average product increases. When MP below AP, average product decreases.When MP equals AP, average product is at its maximum. Short-Run Cost To produce more output in the short run, the firm must employ more labor, which means that it must increase its costs. Three cost concepts and three types of cost curves are - Total cost TC - Marginal cost MC - Average cost AC A firm’s total cost (TC) is the cost of all resources used. Total fixed cost (TFC) is the cost of the firm’s fixed inputs. Fixed costs do not change with output. Total variable cost (TVC) is the cost of the firm’s variable inputs. Variable costs do change with output. TC = TFC + TVC TFC is the same at each output level. TVC increases as output increases. TC, the sum of TFC and TVC, increases as output increases. Marginal cost (MC) is the increase in total cost that results from a one-unit increase in total product. Over the output range with increasing marginal returns, MC falls as output increases. Over the output range with diminishing marginal returns, MC rises as output increases. Average Cost Average cost measures can be derived from each of the total cost measures: Average fixed cost (AFC) is total fixed cost per unit of output. Average variable cost (AVC) is total variable cost per unit of output. Average total cost (ATC) is total cost per unit of output. ATC = AFC + AVC. The AFC falls as output increases The AVC curve is U-shaped. As output increases, AVC falls to a minimum and then increases. ATC is U-shaped For outputs over which AVC is falling, MC is below AVC. For outputs over which AVC is rising, MC is above AVC. For the output at minimum AVC, MC equals AVC. For the outputs over which ATC is falling, MC is below ATC. For the outputs over which ATC is rising, MC is above ATC. For the output at minimum ATC, MC equals ATC.
Views: 2135 Hanomics
The law of diminishing returns is a simple, yet fundamental concept in economics. When the producer of a good wishes to expand its output, in the short-run it may do so by employing more workers or having its existing workers work longer hours. To acquire more capital and technology or to build new factories takes time and money, thus we say that in the short-run, a firm's plant size is fixed; the only variable resource is labor. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 105791 Jason Welker
Diminishing marginal returns in a Cobb Douglas production function
Views: 12788 Jose Vazquez
I discuss how to find the profit-maximizing quantity of labor in the short run (i.e., when capital is fixed), providing two numerical examples.
Views: 11468 1sportingclays
We always assume that a worker gets less productive as she works more. This rule seems to break down in the NBA. Watch how Steph Curry challenges our assumptions about the labor market.
Defines productivity of each worker (MPL) and explains how this may vary.
Views: 1265 Anil Lal
An experiment performed by Professor Marjan Orang's Fundamentals of Economics class, section 003
Views: 159 Wyatt Maxey
Newer video covering this. Here it is- https://www.youtube.com/watch?v=xLSRMt-wWAM In this video I explain production and the law of diminishing marginal returns. The bonus round shows the graph for total product and marginal product as well as the three stages of production. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class. ACDC is Mr. Clifford's teaching philosophy: Active Learning Cooperative Learning Discovery Learning Community
Views: 288454 Jacob Clifford
In this lecture, you will learn the law of variable proportions or law of diminishing marginal product through a graphical and tabular presentation. To get more lectures of this microeconomics introductory course to subscribe to this channel. Thanks #lawofvariableproportion #lawofdiminishingmarginalproduct #microeconomics
Views: 423 Economics Guider