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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: 9313 MrsAndersonBHS
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/
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: 146449 Khan Academy
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: 263399 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: 529375 Jacob Clifford
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: 600217 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: 873168 Jacob Clifford
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: 176204 Economicsfun
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: 14271 jsearcysfc
How To Calculate Marginal Productivity of Capital (MPK)
 
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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: 39090 Economicsfun
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: 11777 1sportingclays
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: 43759 jsearcysfc
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: 148629 AdvancedEcon
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: 29162 jodiecongirl
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: 10584 1sportingclays
MBAs Teach Econ - Value of the Marginal Product of Labor (from WPR 1)
 
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One in a series of videos that review the most missed questions from major exams throughout the semester. This question centers on the idea of the value of the marginal product of labor and how a firm chooses the optimum number of laborers.
Views: 300 MBA's Teach
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: 19495 Vellaichamy Nallasivam
8b - the marginal value curve
 
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We look at the marginal value for a good and how to draw the marginal value curve.
Views: 4338 stephen king
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: 2215 Spoon Feed Me
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: 86858 EconplusDal
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: 12749 tutor2u
Marginal Product of Labor vs. Marginal Product of Capital
 
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I created this video with the YouTube Video Editor (http://www.youtube.com/editor)
Views: 2504 carleesha chambers
production theory: cost-minimizing input choice (optimal input mix)
 
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This videos describes how to produce a given level of output by choosing the cost-minimizing quantities of labor and capital inputs.
Views: 88161 1sportingclays
Marginal Revenue, Average Cost, Profit, Price & Demand Function - Calculus
 
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This calculus video tutorial explains the concept behind marginal revenue, marginal cost, marginal profit, average cost function, price and demand functions. It shows you how to find the production level to minimize the average cost as well as how to find the minimum average cost so as to maximize the profit of a company. This video contains plenty of examples and practice problems. Here is a list of topics: 1. Cost Function - The price to a produce a number of items 2. Average Cost - The average price to produce a single unit 3. Production Level - The number of units or x 4. Marginal Cost - Derivative of the Cost Function 5. Marginal Cost represents the increase in total cost to produce one extra item 6. Minimizing Average Cost Function - Finding The Production Level and the Minimum Average Cost 7. Price Function or Demand Function - The selling price of an item as a function of x 8. Supply vs Demand - Inverse Relationship - Business & Economics 9. Business Calculus - Revenue = Price Function x Number of Units (x) 10. Marginal Revenue, Marginal Cost, and Marginal Profit 11. Maximizing Profit - Finding the maximum value using the derivative function
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: 5967 lostmy1
Cobb-Douglas Production Function Differentiation Example
 
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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: 201262 economicurtis
Understanding the relationships between Total, Marginal and Average Product
 
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Understanding the relationships between a firm's short-run productivity curves will provide us with a basis for understanding how a firm's costs of production change as the firm varies its level of output in the short-run. 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: 120252 Jason Welker
8e - the marginal value curve is the demand curve
 
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This presentation shows why the marginal value curve for a consumer is the same as that consumer's demand curve.
Views: 3595 stephen king
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: 1221 Anil Lal
Marginal Value
 
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In business, marginal value refers to the benefit that you get from one additional item. Calculus gives us a quick method for finding the marginal value if we have a function to work with.
Views: 1374 White Crane Education
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: 32541 lostmy1
How Do You Find The Marginal Product?
 
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By tracking the output a business creates based on amount of employees it pays, owner can maximize his profit and efficiency 1 feb 2012. The marginal revenue product of a resource is defined as the increase in firm's total attributable to employing one more unit that it now possible derive relationship between prices and factor prices, which basis theory income distribution. The marginal product (mp) curve reflects changes in total (tp) and is drawn using the same horizontal axis. For example, for the cobb douglas production function q f(l, k) ala kb. We will look at the equation for marginal product and then apply it to a real example. Differences between the marginal product of labor & total, average, and curves week 5 production capital assume q f(l, k drawing cengage. This is not always equivalent to the output directly produced by that added unit of labor; For example, employing an additional cook at a restaurant may make other cooks more efficient allowing change in quantity total product resulting from variable input, keeping all inputs unchanged. On the left, labor is horizontal axis for both curvesMarginal product in economics what marginal product? Definition and meaning how to calculate of total profit formula calculating. Output as a function of single input the total product, marginal and average product functionsone way looking at production is to consider how output changes we vary one input, holding other inputs fixed. In economics, the marginal product of labor (mpl) is change in output that results from employing an added unit. This view of a production function is especially useful if we 26 sep 2017 marginal product labor, or mpl, an effective way for businesses to determine how worthwhile it hire new employees. How to determine marginal product of labor a firm's revenue curve (video) demand for amosweb is economics encyclonomic web pedia. Googleusercontent search. How can a marginal product be negative? Quora. Let's take a simple pizzeria as an example. Pocket what is marginal product? Definition product definition & example components of and revenuemarginal function utoronto economics. You can draw the marginal product curve below total using same horizontal axis. In other words, it measures the how many additional units will be produced by adding one unit of input like materials, labor, and overhead in this lesson, we define marginal product. Marginal product in economics. Marginal product in economics what is marginal product? Definition and meaning how to calculate the of labor total profit formula for calculating. The formula for marginal product is that it equals the change in total number of units produced divided by a single variable input. Marginal product of labor and capital. The marginal product of labor shows the increase output as staff is added to a process and value represents increased revenue from additional. For a given amount of labor and capital, the ratiok is average drawing marginal product curves. In ec
Views: 64 Wade Wade
Marginal revenue productivity
 
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The marginal revenue productivity theory of wages is a theory in neoclassical economics stating that wages are paid at a level equal to the marginal revenue product of labor, MRP (the value of the marginal product of labor), which is the increment to revenues caused by the increment to output produced by the last laborer employed. This is because no firm would employ additional labor whose cost would exceed the revenue generated for the firm. The marginal revenue product (MRP) of a worker is equal to the product of the marginal product of labour (MP) (the increment to output from an increment to labor used) and the marginal revenue (MR) (the increment to sales revenue from an increment to output): MRP = MP × MR. The theory states that workers will be hired up to the point when the marginal revenue product is equal to the wage rate.If the marginal revenue brought by the worker is less than the wage rate, then there is no need to employ. The idea that payments to factors of production equilibrate to their marginal productivity had been laid out early on by such as John Bates Clark and Knut Wicksell, who presented a far simpler and more robust demonstration of the principle. Much of the present conception of that theory stems from Wicksell's model.
Views: 181 Century Old
04 - Labor and marginal product revenue - 01 - A firm's marginal product revenue curve.webm
 
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02 - The demand curve - 06 - Inferior goods clarification.webm
Views: 63 Learn Hub
factor market
 
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This video introduces the analysis of factor markets (e.g. labor markets) and how competitive firms decide how much of each factor to purchase.
Views: 5670 Mike Moore
The Marginal Value Theorem and Its Economic Applications - Junior Breakthrough Challenge
 
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This is my submission for the Junior Breakthrough Challenge!
Views: 3560 AJ McKamy
7.4 Marginal Social Benefit and Marginal Social Cost AP Micro
 
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The socially optimal point of consumption/production is the point where MSB=MSC. On the board it incorrectly says MSB=MPB.
Views: 7762 Carey LaManna
Economics of Production: Total Product, Marginal Product, and Costs
 
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A look at Increasing and Decreasing Marginal Returns, and their relationship to productivity and costs. Handout for this video: http://www.burkeyacademy.com//home/introductory-micro-long-form-lectures/intro-micro-handouts/9%20Production.pdf These videos are part of a complete set of full-length lectures on Introductory Microeconomics. See the course with handouts at http://www.burkeyacademy.com/home/introductory-micro-long-form-lectures Playlist of all videos: https://www.youtube.com/playlist?list=PLlnEW8MeJ4z6xn7bgIvfs8sxL56QeTH6r Support this project on Patreon! https://www.patreon.com/burkeyacademy Or, a one-time donation on PayPal is appreciated! http://paypal.me/BurkeyAcademy My Website: http://www.burkeyacademy.com/ Talk to me on my SubReddit: https://www.reddit.com/r/BurkeyAcademy/
Views: 163 BurkeyAcademy
8c - from marginal value to total value
 
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The total value from a number of units of a good is just given by the area under the person's margainal value curve. this video shows why.
Views: 4655 stephen king
Marginal revenue
 
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The marginal revenue productivity theory of wages is a theory in neoclassical economics stating that wages are paid at a level equal to the marginal revenue product of labor, MRP (the value of the marginal product of labor), which is the increment to revenues caused by the increment to output produced by the last laborer employed. This is because no firm would employ additional labor whose cost would exceed the revenue generated for the firm. The marginal revenue product (MRP) of a worker is equal to the product of the marginal product of labour (MP) (the increment to output from an increment to labor used) and the marginal revenue (MR) (the increment to sales revenue from an increment to output): MRP = MP × MR. The theory states that workers will be hired up to the point when the marginal revenue product is equal to the wage rate.If the marginal revenue brought by the worker is less than the wage rate, then there is no need to employ. The idea that payments to factors of production equilibrate to their marginal productivity had been laid out early on by such as John Bates Clark and Knut Wicksell, who presented a far simpler and more robust demonstration of the principle. Much of the present conception of that theory stems from Wicksell's model.
Views: 74 Century Old
Marginal Revenue Product
 
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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: 33196 UMassEconomics