Home
Search results “Price marginal product”
Total product, marginal product and average product | APⓇ Microeconomics | Khan Academy
 
06:56
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: 12700 Khan Academy
Micro 3.5 AP Economics Marginal Product and Marginal Cost: Econ Concepts in 60 Seconds Review
 
04:55
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: 281390 Jacob Clifford
Marginal Cost and Average Total Cost- Micro 3.4
 
03:17
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: 683496 Jacob Clifford
Costs of Production- Microeconomics 3.3 (Part 1)
 
05:17
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: 1021283 Jacob Clifford
The Marginal Product of Labor
 
10:22
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/
Diminishing Marginal Returns- Micro 3.1
 
05:54
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: 631955 Jacob Clifford
Introduction to Production Introduction (Average Product, Marginal Product, Total Product)
 
08:48
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: 148052 Economicsfun
A firm's marginal product revenue curve | Microeconomics | Khan Academy
 
13:03
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: 150819 Khan Academy
Demand for Labour - Marginal Revenue Product (MRP)
 
09:07
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: 114237 EconplusDal
Marginal Revenue Product, Marginal Product of Labor, MRP, MPL Explanation
 
03:08
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: 154626 AdvancedEcon
Marginal Revenue Product of Labour (MRPL)
 
04:36
​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: 18650 tutor2u
Marginal Product and Marginal Cost
 
04:15
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: 16376 Chris Thomas
How to calculate Average Product, Total Product, Marginal Product
 
09:37
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: 192467 Economicsfun
marginal cost
 
04:21
marginal cost explained in hindi with example
Views: 33684 Raj yadav
Marginal Productivity Theory of Distribution in Hindi
 
31:28
This video is in continuation of factor pricing series. Here the Marginal Productivity Theory of Distribution will be discussed with the help of schedule and figure.
Views: 2045 Management Classes
Understanding the relationships between Total, Marginal and Average Product
 
17:36
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: 127606 Jason Welker
#152, Factor Pricing - Marginal productivity theory of distribution ( bcom, bba, ba, bca, honours )
 
17:28
This video contains concept of marginal productivity theory of distribution - Factor pricing theories of factor price determination 1 - Classical theory 2 - Marginal productivity theory 3 - -Modern theory of distribution or Demand and supply theory marginal revenue productivity (MRP) marginal physical productivity (MPP) Average gross revenue productivity ( AGRP) It is for all under graduate students( bcom, bba, ba, bca, honours) who are facing any sort of problem in business or managerial economics Note:- The thumbnail design would be same for UGC only the name of topic will differ Make sure to share it with all your UG friends Economics on your tips video 152 Our books are now available on Amazon Economics on your tips Macroeconomics ( new edition ) https://www.amazon.in/dp/B07R561YKH/ref=cm_sw_r_cp_apa_i_3wVXCbE2Z9DZE Economics on your tips Microeconomics http://amzn.in/d/cZykZVK Official series of playlists UG courses ( bcom, bba, bca, ba, honours) – https://www.youtube.com/playlist?list=PLgC10_Xv-BGirAqOr-hU8e-N_Nz0UpgJ- Micro economics complete course – https://www.youtube.com/playlist?list=PLgC10_Xv-BGg5n3YU6oEV7_HIzBuEbbOz Macro economics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGg2ORORpILqiDR1gyH3MkXw Statistics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGjrAkDyeMioJ7DEexAEeVdt National income – https://www.youtube.com/playlist?list=PLgC10_Xv-BGjpE-1V4uz_0wvvbZQnSsj_ Our other channels Accounts adda - https://www.youtube.com/channel/UC8oozlFrNYYprZlYLmdRtgg mind your own business - https://www.youtube.com/channel/UC2JNrw4j7Eo4R5cZXXn8rNw In order to promote us and help us grow Paytm on – 7690041256 #businesseconomics #ugc #bcom
Views: 24920 Economics on your tips
How To Calculate Marginal Productivity of Capital (MPK)
 
07:31
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: 42710 Economicsfun
Micro 5.4 Resource Market, MRP and MRC: Econ Concepts in 60 Seconds- Factor Market
 
02:55
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: 187690 Jacob Clifford
Marginal Cost and Marginal Revenue
 
04:33
This video looks at Marginal Cost and Marginal Revenue, and explains how they lead to an equilibrium of quantity supplied. It is setting up these concepts to apply to different types of markets (eg perfect competition, monopoly) in future videos.
Views: 106430 Steve Lobsey
Optimal Labor Usage: Marginal Revenue Product = Wage
 
09:25
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: 12924 1sportingclays
Fixed, Variable, and Marginal Cost.
 
11:49
Thinking about average fixed, variable and marginal cost More free lessons at: http://www.khanacademy.org/video?v=bBQVaRnHqLs
Views: 458577 Khan Academy
Short-Run Production: Marginal Product and Average Product
 
11:00
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: 14408 1sportingclays
Cost of production:  Marginal product and marginal cost
 
02:19
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: 6364 lostmy1
Microeconomics - 112: Product and Marginal Product Curves
 
06:42
Product Curve, Marginal Product Curve and Examples Microeconomics - 111: Costs and Output: http://youtu.be/w8XWcRMi9gI Microeconomics - 113: More on Marginal Returns and Average Product: http://youtu.be/RDW9ng39x6s Please comment, rate and subscribe. Follow us on twitter : https://twitter.com/#!/coursehack Become a fan on facebook : https://www.facebook.com/CourseHack Add us on Google+ : https://plus.google.com/b/106464811545000105636/
Views: 5052 CourseHack
Learn Total, Average, Marginal Product | Production | CA CPT | CS & CMA Foundation | Class 11
 
09:55
Learn Total, Average, Marginal Product, Learn Theory of Production, what is Production? Production Function? Law of Variable Proportion, Returns to Scale, Producers Equilibrium, Economics & Diseconomies of Scale. For Details Visit https://www.meraskill.com/ca-cpt/economics/theory-of-production WhatsApp Now 8692900017 https://www.meraskill.com/ our other chapters in this series Accounts by Sheela Madam http://bit.ly/AcctsIntro http://bit.ly/AcctJournaltoCB http://bit.ly/CR_ROE http://bit.ly/BankRecoS http://bit.ly/MSInventory http://bit.ly/MSDep http://bit.ly/MSFinalAc http://bit.ly/MSConsignment http://bit.ly/MSJointV http://bit.ly/MSBillsOfExchg http://bit.ly/MSSalesReturn http://bit.ly/MSPartnership1 http://bit.ly/MSPartnership2 http://bit.ly/MSCompanyActs1 http://bit.ly/MSCompanyActs2 Law by Bharat Sir http://bit.ly/MSNatureofContract http://bit.ly/MSConsideration http://bit.ly/MSEssentialElements http://bit.ly/MSPerformanceOfContract http://bit.ly/MSBreachOfContract http://bit.ly/MSContingent_Quasi http://bit.ly/MSFormationContractOfSale http://bit.ly/MSCondition_Wattanties http://bit.ly/MSTransferOfOwnership http://bit.ly/MSUnpaidSeller http://bit.ly/MSNatureOfPartnership http://bit.ly/MSRelationshipOfPartners http://bit.ly/MSRegistration_Dissolution Micro by Bharat Sir http://bit.ly/MSIntroMicroEconomics http://bit.ly/MSDemand http://bit.ly/MSTheoryofCB http://bit.ly/MSSupply http://bit.ly/MSTheoryOfProd http://bit.ly/MSTheoryOfCost http://bit.ly/MSMarket http://bit.ly/MSPriceDetermination Macro by Jaya Madam http://bit.ly/MSNatureOfIndianEconomy http://bit.ly/MSRoleOfDiffSectors http://bit.ly/MSNationalIncome_Tax http://bit.ly/MSPopulation_Poverty_Unemployment http://bit.ly/MSInfrastuctureChallnges http://bit.ly/MSBudget_Money_Banking http://bit.ly/MSEconomicsReforms Maths by Anand Sir http://bit.ly/MSRatio_Propr http://bit.ly/MSIndices_Log http://bit.ly/MSEquations http://bit.ly/MSInequalities http://bit.ly/MSInterest http://bit.ly/MSPermutaion_Combination http://bit.ly/MSAP_GP http://bit.ly/MSSets_Function http://bit.ly/MSLimits http://bit.ly/MSDifferentiation http://bit.ly/MSIntegration
Views: 29211 Mera Skill
Marginal Revenue, Average Cost, Profit, Price & Demand Function - Calculus
 
55:39
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
Marginal Cost, Marginal Revenue, and Marginal Profit
 
18:56
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/
Production and Cost
 
08:54
Various variants of cost such as fixed cost, variable cost, Average and marginal cost, Average variable and average fixed Cost. These are crucial for a firm to arrive at a decision with regard to output. #YOUCANLEARNECONOMICS
Views: 1056 E.Z. Classes
PART 2- MARGINAL PRODUCTIVITY THEORY OF DISTRIBUTION
 
14:33
THIS VIDEO IS JUST FOR A GENERAL UNDERSTANDING ABOUT MARGINAL PRODUCTIVITY AND ITS THEORY FOR DISTRIBUTION OF REMUNERATION. DONATION LINKS PAYTM: 9179370707 BHIM: [email protected]
Views: 25601 Ideal Coaching
The Theory of Production, Marginal Product, Average Product
 
04:29
Tutorial on Marginal Product, Production Theory for microeconomics and managerial economics classes. Like us on: http://www.facebook.com/PartyMoreStudyLess
Views: 62258 Economicsfun
Cobb-Douglas Production Function Differentiation Example
 
11:36
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: 221721 economicurtis
MICROECONOMICS I How To Calculate Marginal Product Of Labor If Capital Is Fixed
 
02:16
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: 6817 Andrei Galanchuk
Economics of Production: Total Product, Marginal Product, and Costs
 
37:40
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: 309 BurkeyAcademy
Productivity and Costs in the Short-run
 
17:40
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: 97669 Jason Welker
Cost Curves- Microeconomics 3.3 (Part 2)
 
03:14
In this video I explain how to draw and analyze the cost curves. Most teacher sad professors focus on the per unit cost curves. That included marginal cost, average total cost, average variable costs, and the average fixed cost. Each have a specific shape. It might not be the most exciting thing in the world, but I promise that it gets enjoyable once you understand it. Thanks for watching. Please subscribe! If you need more help, check out my Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 725672 Jacob Clifford
Relationships between a Firm's Short-run Costs of Production
 
09:35
This lesson focuses on just the per-unit cost curves, their shapes, and the relationships between them. As you will see, the marginal cost curve, itself shaped by the law of diminishing returns, intersects the average cost curves at their lowest points, which as we will see in later lessons enables producers to choose a level of output at which their per unit production costs are minimized, enabling firms to make decisions that allow them to optimize their output for profit-maximization. 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: 58322 Jason Welker
Introduction to Resource Markets and Marginal Revenue Product
 
10:35
Demand for a factor of production by a firm reflects the same inverse relationship with the factor's price as demand for a good or service. But there's a bit more to the theory of resource demand. This lesson introduces resource markets and "marginal revenue product", which determines how much of a resource a firm will demand at every quantity. 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: 6989 Jason Welker
Maximizing Profit Practice- Micro 3.9
 
03:46
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: 646896 Jacob Clifford
How to Derive Marginal Cost (MC = Wage/MP) from Production Function
 
03:30
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: 366 1sportingclays
Minimization of Total Industry Costs of Production
 
09:06
This section connects several ideas covered in previous videos about the price system and profit maximization. In this video, we begin to understand two basic functions of the Invisible Hand. In competitive markets, the market price (with the help of the Invisible Hand) balances production across firms so that total industry costs are minimized. Competitive markets also connect different industries. By balancing production, the Invisible Hand of the market ensures that the total value of production is maximized across different industries. We’ll use the example of minimizing total costs of corn production, and demonstrate our findings through several charts. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1XN02I7 Next video: http://bit.ly/1QEIiPE Help us caption & translate this video! http://amara.org/v/GSLH/
Maximizing Profit Under Monopoly
 
11:11
AIDS has killed more than 36 million people worldwide. There are drugs available to treat AIDS, but the price of one pill is incredibly high in the U.S. — coming in at 25 times higher than its cost. Why is that? In this video, we show how patent rights have created a monopoly in the U.S. market for AIDS medication, causing pills to be very expensive. In other countries, however, such as India, which does not recognize patents on AIDS medication, prices remain low. Using this example, we go over how monopolies use market power to increase prices. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1S1xKt8 Next video: http://bit.ly/21rj3C7 Help us caption & translate this video! http://amara.org/v/GSLJ/