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The Marginal Product of Labor
 
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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/
Micro 3.5 AP Economics Marginal Product and Marginal Cost: Econ Concepts in 60 Seconds Review
 
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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: 258698 Jacob Clifford
Diminishing Marginal Returns- Micro 3.1
 
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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: 502872 Jacob Clifford
Marginal Product and Marginal Cost
 
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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: 14978 Chris Thomas
Average and Marginal Cost of Labour
 
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​This short revision video looks at a numerical example of the difference between the average and marginal cost of employing extra workers when a business has to raise the average wage to expand their workforce. - - - - - - - - - MORE ABOUT TUTOR2U ECONOMICS: Visit tutor2u Economics for thousands of free study notes, videos, quizzes and more: https://www.tutor2u.net/economics A Level Economics Revision Flashcards: https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards A Level Economics Example Top Grade Essays: https://www.tutor2u.net/economics/store/selections/exemplar-essays-for-a-level-economics
Views: 3387 tutor2u
Demand for Labour - Marginal Revenue Product (MRP)
 
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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: 83234 EconplusDal
A firm's marginal product revenue curve | Microeconomics | Khan Academy
 
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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: 145294 Khan Academy
Introduction to Production Introduction (Average Product, Marginal Product, Total Product)
 
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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: 131022 Economicsfun
Marginal Cost and Average Total Cost- Micro 3.4
 
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In this video I explain why MC decreases and then increases and why the MC hits ATC at the minimum point of the ATC curve. Very exciting stuff! Thanks for watching. Please subscribe.
Views: 582656 Jacob Clifford
Costs of Production- Microeconomics 3.3 (Part 1)
 
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In this video I explain the costs of production including fixed costs, variable costs, total cost, and marginal cost. Make sure that you know how to calculate the per unit costs: AVC, AFC, and ATC. Let me know what you think and please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next video-drawing the cost curves https://www.youtube.com/watch?v=qYKJdooEnwU Watch Episodes of Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH More videos about the costs of production- https://www.youtube.com/playlist?list=PLE70CA726102FB294
Views: 837786 Jacob Clifford
Marginal Revenue Product of Labour (MRPL)
 
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​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: 11689 tutor2u
Marginal Revenue Product, Marginal Product of Labor, MRP, MPL Explanation
 
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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: 147260 AdvancedEcon
Micro 5.4 Resource Market, MRP and MRC: Econ Concepts in 60 Seconds- Factor Market
 
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Mr. Clifford's 60 second explanation of how to calculate Marginal Revenue Product (MRP) and Marginal Resource Cost (MRC). Remember that you hire workers where MRP = MRC to maximize profit. 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: 164055 Jacob Clifford
MN1015 Lecture 8 Output and Costs
 
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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: 1841 Hanomics
Short-Run Production: Marginal Product and Average Product
 
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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: 11002 1sportingclays
Cost of production:  Marginal product and marginal cost
 
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As marginal product increases marginal cost decreases. As marginal product declines marginal cost increases. When marginal product is at its maximum marginal cost is at its minimum. Behind the shape of the marginal cost curve is the marginal product curve and this explains why the supply curve is upward sloping.
Views: 5895 lostmy1
Marginal Productivity of Labor and Marginal Cost
 
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The Department of Economics at UMass Amherst offers a broad range of online courses, including Microeconomics, Macroeconomics, Marxian Economics, and Economic History. Our courses are a unique blend of heterodox and mainstream economic theory. Take them for credit from anywhere in the world. Register today by going to http://www.umassulearn.net/ and clicking on "Enroll Now". (UMass Amherst students, please use https://spire.umass.edu.) This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License. http://creativecommons.org/licenses/by-nc-sa/3.0/
Views: 8263 UMassEconomics
Optimal Labor Usage: Marginal Revenue Product = Wage
 
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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: 9983 1sportingclays
How to Derive Marginal Cost (MC = Wage/MP) from Production Function
 
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This video derives the following expression for marginal cost: MC = wage/marginal product of labor, which is then used along with the firm's production function to solve for the marginal cost equation.
Views: 87 1sportingclays
Microeconomics Practice Problem - Marginal Product of Labor and Returns to Labor
 
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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: 29006 jodiecongirl
Figuring Marginal Physical Product and Marginal Revenue Product
 
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A video about how to quickly figure MPP (marginal physical product) and MRP (marginal revenue product). It sounds scarier than it really is.
Views: 15478 Kyle Purpura
Average Product and Marginal Product of Capital and Labor - Sample Problem
 
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Measures of Productivity - Average Product and Marginal Product of Capital and Labor - Sample Problem without Calculus
Views: 43299 jsearcysfc
Fixed, Variable, and Marginal Cost.
 
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Thinking about average fixed, variable and marginal cost More free lessons at: http://www.khanacademy.org/video?v=bBQVaRnHqLs
Views: 441447 Khan Academy
Average Product and Marginal Product curves - Relation
 
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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: 18677 Vellaichamy Nallasivam
How to calculate Average Product, Total Product, Marginal Product
 
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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: 172654 Economicsfun
Total Product, Marginal Product, and Average Product of Labor
 
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Looks at the relationship between these three labor curves. Please note that an error occurs for the last MPL: it should be -20 and not -10.
Views: 18728 Guy Pascale
Cost Minimizing Using the Marginal Product Per Dollar
 
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Determining the cost minimizing mix of capital and labor need to produce a given level of output based on the marginal product of capital, marginal product of labor, wage rate, and rental rate.
Views: 14070 jsearcysfc
Criticisms of MRP (Marginal Revenue Product) and Labour Demand
 
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Criticisms of MRP (Marginal Revenue Product) and Labour Demand. A video covering the Criticisms of MRP (Marginal Revenue Product) and Labour Demand Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 20603 EconplusDal
Maximizing Profit Practice- Micro 3.9
 
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In this video I explain how to identify the profit maximizing quantity and calculate total revenue and profit. MR=MC is the most important concept in microeconomics. Thanks for watching. Get the packet and support ACDCEcon https://www.youtube.com/watch?v=SxBL54a3-QQ Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 544234 Jacob Clifford
How to Calculate Marginal Cost, Average Total Cost, Average Variable Cost, and Average Fixed Cost
 
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Given info about fixed and variable costs, and firm productivity: - We find how to calculate marginal cost. - We find how to calculate average total cost. - We find how to calculate average variable cost. - We find how to calculate average fixed cost. - We find how to calculate total fixed cost. More Economics Videos at: https://sites.google.com/site/curtiskephart/ta/krugman-wells-microeconomics-solutions --------------------- Mark and Jeff operate a small company that produces souvenir footballs. Their fixed cost is $2,000 per month. They can hire workers for $1,000 per worker per month. Their monthly production function for footballs is as given in the accompanying table. [ see table in video ] a. For each quantity of labor, calculate average variable cost (AVC), average fixed cost (AFC), average total cost (ATC), marginal cost (MC). b. On one diagram, draw the AVC, ATC, and MC curves. c. At what level of output is Mark and Jeff's average total cost minimized? from Krugman Wells -- Microeconomics 2nd Ed. -- Chapter 12 (Behind the Supply Curve: Inputs & Costs), Question 10 --------------------------
Views: 238433 economicurtis
Unit 6 Topic 2: Value of the Marginal Product
 
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I can... calculate and explain the quantity of a resource to be hired by a firm; and construct a short run demand schedule for a resource. Textbook Reading & Support (Krugman & Wells "Economics" 2nd Edition): Chapter 20 pp 510-516
Views: 9135 MrsAndersonBHS
Short - Run Production Function - Marginal Product of Labor
 
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Defines productivity of each worker (MPL) and explains how this may vary.
Views: 1196 Anil Lal
6.2 Marginal Productivity of Labor AP Micro
 
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Why is the firm's demand curve for labor downward-sloping? Turns out it's all about our good friend The Principle of Diminishing Marginal Returns
Views: 144 Carey LaManna
Marginal Product of Labour and Diminishing Marginal Product | Macroeconomics
 
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https://goo.gl/3nPBnl for more FREE video tutorials covering Macroeconomics.
Views: 2101 Spoon Feed Me
Marginal Cost, Marginal Revenue, and Marginal Profit
 
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This calculus video tutorial provides a basic introduction into marginal cost, marginal revenue, and marginal profit. It explains how to find the production level that will maximize the profit generated by a company. The revenue function or sales function is the product of the production level which represents the number of units sold and the demand function or price function. The demand function describes the average selling price of an item at a certain production level. The marginal profit represents the additional profit generated if the company sold one extra item. This video contains plenty of examples and practice problems for you to work on. Calculus Video Playlist: https://www.youtube.com/watch?v=1xATmTI-YY8&t=25s&list=PL0o_zxa4K1BWYThyV4T2Allw6zY0jEumv&index=1 Access to Premium Videos: https://www.patreon.com/MathScienceTutor https://www.facebook.com/MathScienceTutoring/
How to Calculate Total Cost, Marginal Cost, Average Variable Cost, and ATC
 
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Tutorial on average cost, total cost, marginal cost for microeconomics, managerial economics. Entire Playlist on Theory of Cost (Introduction to Calculus Proof) http://www.youtube.com/playlist?list=PLE974AB1D5942A6FD Like us on: http://www.facebook.com/PartyMoreStudyLess
Views: 404250 Economicsfun
Productivity and Costs in the Short-run
 
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This lesson illustrates using data and graphs the relationship between productivity and costs in the short-run, and how the law of diminishing marginal returns determines the shapes of the short-run cost curves: marginal cost and average variable cost. 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: 90776 Jason Welker
Economics: Average Variable Cost, Product of Labor
 
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http://www.mindbites.com/lesson/7700 for full video. For a full video Economics course, you'll want to click through to http://www.mindbites.com/series/1078-economics-full-course. Also be sure to check out http://www.mindbites.com/category/46-economics for other video lessons on Economics topics and concepts.
Views: 673 Mindbitesdotcom
#32 Micro Economics ||  Law of Variable Proportions-1 || TP, AP, MP
 
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Complete Micro Economics Playlist: https://www.youtube.com/playlist?list=PLVE_dFhGA23xQvMSRRCekLAe0OPcURYj6 Please call @ 9999997086 To Buy Full Course Lectures CA/ CS/ CMA/ B.Com in Pen drive / Download link mode. This video explains definitions of Total Product, Average Product, Marginal Product and Law of Variable Proportions with examples and in depth analysis of the topics.
Views: 2819 SUDHIR SACHDEVA
Marginal revenue product and labor
 
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marginal revenue product and labor
Views: 3443 HorowitzEconomics
Marginal Revenue Product
 
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A Level Economics OCR Marginal Revenue Product (theory), Marginal product of Labour
Views: 254 MA
Deriving Short-run Cost Functions from a Cobb-Douglas Production Function
 
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This video derives all seven of the firm's short-run cost functions from a Cobb-Douglas production function.
Views: 90057 1sportingclays
Evaluating Marginal Revenue Product of Labour
 
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This short revision video looks at the problems in accurately measuring the marginal revenue product from employing an extra worker. - - - - - - - - - MORE ABOUT TUTOR2U ECONOMICS: Visit tutor2u Economics for thousands of free study notes, videos, quizzes and more: https://www.tutor2u.net/economics A Level Economics Revision Flashcards: https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards A Level Economics Example Top Grade Essays: https://www.tutor2u.net/economics/store/selections/exemplar-essays-for-a-level-economics
Views: 2784 tutor2u
Cost of production: Production function and law of diminishing returns
 
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Inputs can be divided into fixed and variable inputs. The production functions shows how inputs are changed into outputs. In the short run fixed inputs are unchanged while variable inputs change. The law of diminishing returns plays a central role in determining the cost of production for any kind of business. To understand the cost of production, you first need to understand the law of diminishing returns. The law of diminishing returns states that, as more of a variable input is used, while all the other inputs are being kept the same, each additional unit of the variable input will eventually produce less and less additional output. In other words, the marginal product of the variable input declines. The law of diminishing returns is, therefore, also known as the law of variable proportions.
Views: 32340 lostmy1

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