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: 137313
Economicsfun

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: 205624
economicurtis

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: 6257
Khan Academy

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: 12253
1sportingclays

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.
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Views: 74927
Marginal Revolution University

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
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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-
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Twitter (#askclifford)
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By the way, I had some songs from West Side Story in my head while I was filming.

Views: 546475
Jacob Clifford

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: 39812
Economicsfun

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
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Views: 146874
Khan Academy

Class 12 microeconomics...
Production function...
Types of production function....
difference between short run and long run production function
Types of products...
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Economics on your tips video 20
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Numerical problems of elasticity of demand(Class 12 microeconomics) economics on your tips video 19 - YouTube
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Class 12 microeconomics(law of variable proportion,return to a factor)economics on your tips video21 - YouTube
https://www.youtube.com/watch?v=uSYPksuVkhM&t=25s

Views: 577977
Economics on your tips

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.
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Next video-drawing the cost curves
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Views: 895404
Jacob Clifford

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
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Views: 27139
Mera Skill

This video explains how to determine the first order partial derivatives of the Cobb Douglas production function. The partial derivatives are also evaluated at a point
Site: http://mathispower4u.com

Views: 13784
Mathispower4u

In this problem we're given a simple production function, a partially parameterized Cobb-Douglas Production Function. We derive output/production, then find the real wage rate (finding the marginal product of labor) and the rental rate of capital (finding the marginal product of capital along the way... actually the marginal product of land, but it's the same steps to find MPK). Lastly, finding the labor share of income, and the capital share of income. Plus a "trick" to find the factor share of income by just looking at the Cobb-Douglas production function.
Part 1 of 3 - This video solves parts a and b below.
More Intermediate Macro Video: https://sites.google.com/site/curtiskephart/ta/intermediate-macro-solutions
------------------------------------------
Suppose the production function in medieval Europe is Y=K^0.5 L^0.5, where K is the amount of land and L is the amount of labor. The economy begins with 100 units of land and 100 units of labor. Use a calculator and equations in the chapter to find a numerical answer to each of the following questions.
a. How much output does the economy produce?
b. What are the wage rate (skip to 5:33) and the rental price of land (skip to 18:00)?
c. What share of output does labor receive?
d. If a plague kills half the population, what is the new level of output?
e. What is the new wage and rental price of land?
f. What share of output does labor receive now?
From Mankiw "Macroeconomics" (Intermediate level), 8th edition, Chapter 3 (The Open Economy) - Problem 2
-------------------------------------------------------------------------------------

Views: 66518
economicurtis

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: 179115
Economicsfun

Defines productivity of each worker (MPL) and explains how this may vary.

Views: 1234
Anil Lal

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
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Views: 197
BurkeyAcademy

This video takes a fixed proportions production function Q = min(aL, bK) and derives and graphs the total product of labor, average product of labor, and marginal product of labor equations.

Views: 404
1sportingclays

To buy Full Course Lectures click the following link: https://www.instamojo.com/SudhirSachdeva/
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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: 5524
SUDHIR SACHDEVA

This video is suitable for 12TH ECONOMICS | PRODUCTION FUNCTION | PRODUCTION FUNCTION RETURNS TO A FACTOR | VARIABLE FACTORS | FIXED FACTORS | SHORT RUN AND LONG RUN | CONCEPT OF VARIABLE FACTORS | MEANINGS OF VARIABLE FACTORS | SHORT RUN AND LONG RUN IN PRODUCTION FUNCTION | SHORT RUN AND LONG RUN CLASS 12 | SHORT RUN AND LONG RUN IN HINDI | LAW OF VARIABLE PROPORTION CA CPT | LAW OF VARIABLE PROPORTION CA FOUNDATION .
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Views: 18549
Grooming Education Academy by Chandan Poddar

Tutorial on Marginal Product, Production Theory for microeconomics and managerial economics classes.
Like us on: http://www.facebook.com/PartyMoreStudyLess

Views: 60048
Economicsfun

This video derives all seven of the firm's short-run cost functions from a Cobb-Douglas production function.

Views: 94421
1sportingclays

Measures of Productivity - Average Product and Marginal Product of Capital and Labor - Sample Problem without Calculus

Views: 44170
jsearcysfc

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: 32759
lostmy1

www.facebook.com/economicscoaching
What is production function and what is marginal productivity
dimnishing marginal productivity,b.a hons Economics videos, ignou Economics online videos, intermediate microeconomics lecture videos, microeconomics lecture videos, Economics lectures,snyder and nicholson class notes

Views: 216
IDEA TUTORS

This video continues the explanation for why the production function shifts and also explains the effect of the shift on the marginal product of capital.

Views: 1428
Matthew Rafferty

Views: 9811
Neal MacDougall

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: 8551
Investor Trading Academy

Video no 26.In this video I am explaining the topic of
Production function
Total product
Average product
Marginal product
Like and share the video
Subscribe my channel to watch more videos of class Xll Economics
Link to previous video -https://youtu.be/pqxAJOe4N_Y

Views: 11064
Easy Economics By Rashmi

In this webcast we will be exploring the Production Function in more detail and will explain the relationship between the Total Product Curve, the Marginal Product Curve and the Average Product Curve.

Views: 12526
Francie Klenk

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 -
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Views: 19853
Vellaichamy Nallasivam

SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022
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In this video, you will learn:
- How total product, average product and marginal product are determined
- How to graph total product (TP), average product (AP) and marginal product (MP)

Views: 405
EnhanceTuition

Learn more: http://www.policonomics.com/marginal-rate-of-technical-substitution/
Spanish version: https://youtu.be/RmO5Ckm4Tb0
This video explains how to calculate and use the marginal rate of technical substitution (MRTS). We start by learning how to calculate it, then move on to use it in order to properly draw isoquant curves and, finally, we analyse the MRTS for different kinds of isoquants.
Related videos:
-Isoquants: https://www.youtube.com/watch?v=xKUP1GEuUCc&list=PLr3ti8G3MCupcsVLkr7ayC_ziNbi9l4De&index=3
-Production function: https://www.youtube.com/watch?v=A5E1sOYh6No&list=PLr3ti8G3MCupcsVLkr7ayC_ziNbi9l4De&index=2
Related articles:
-Marginal rate of substitution: http://www.policonomics.com/marginal-rate-of-substitution/
-Isoquants: http://www.policonomics.com/isoquant/
Thank you for watching!
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Learn, and enjoy!

Views: 76519
Policonomics

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: 10862
1sportingclays

Linear Programming, Calculating Marginal Product,Production Function, Marginal Product of Labor & Material which measures
Output of The Last Unit Added, Partial Derivative F(x) Derivative, Keep One Variable Constant & Differentiate The Other, examining the marginal products thru plots, etc., details by Allen Mursau

Views: 289
Allen Mursau

This videos describes how to produce a given level of output by choosing the cost-minimizing quantities of labor and capital inputs.

Views: 89697
1sportingclays

Register StudyKhazana and Get 200Rs. Use REFERRAL CODE:- JRUUD Production function is a part of Unit-3. In this you will study the following:
Production Funtion: Short run and Long Run
Total Product, Average Product and Marginal Product.
Return to a factor.
cost and Revenue: Short run costs, total variable cost, Average costs, Average fixed cost, Average variable costs and marginal cost-meaning and their relationship.
Producer's equilibrium, its meaning and its condition terms of marginal revenue -marginal cost.
Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movement along shift in supply curve, price elasticity of supply. (a) Percentage change Method (b)Geometric Method
In this video you will learn about Production Function with a proper flow chart , You will learn ab Short run and Long run, Types of Input, Fixed factor of production, Variable of Production, Period and types of period, Total Product, average Product, Marginal product, their formulas and you will solve some problems based on above.
About the Instructor: Aditi Mam is a very interactive teacher and has made the entire lecture very very interesting and provides you the proper notes which are enough to study for exams.Watching it you will find it as if you are in a real class. She has taken care of all your doubts so she always gives you some very practical examples that you could relate to yourselves. Moreover she has defined each and every term with their differences as well.
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Views: 30170
Study Khazana

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: 179
1sportingclays

Production Function
Variable factors
Fixed factors
Total product
Marginal product
Average product

Views: 251
Sanjeev Kumar lectures

Useful to ISC, CBSE, Plus 2, BA., B.com, BBA, MA, MBA, CPT, and ACS.
Channel for Economics Lessons
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Find Answers to important questions in Economics
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Views: 3547
Mirdhul Mahadev

Microeconomics Chapter 7 Production function and returns to factor
Law of diminishing returns to factor
Law of increasing returns to factor
law of constant returns to factor
Relation between total product and marginal product
relation between marginal product and average product
relation between TP and MP
relation between AP and MP
production function and returns to factor
https://www.youtube.com/watch?v=A90bSM39m1o&t=43s
Law of diminishing returns to factor
https://www.youtube.com/watch?v=A90bSM39m1o&t=43s
Microeconomics chapter 1
https://www.youtube.com/watch?v=g41OMW0LUIg&list=PLx0knzIJInnccC-dHY70fBqy9UyZH18Js
microeconomics chapter 2 central problems of an economy
https://www.youtube.com/watch?v=8E5ZFnXvEd4&list=PLx0knzIJInneYizd1FtB-WEJtsQ3Y6PWa
Price elasticity of demand
https://www.youtube.com/watch?v=G7ZvwRLWpoM&list=PLx0knzIJInnfhLSYMiQM-f9NNtRjqtnUb
consumer's equilibrium IC analysis
https://www.youtube.com/watch?v=d3Upk3YxpkY&list=PLx0knzIJInndE4vP3bHAf3n7mw02izpcr
microeconomics chapter 1 economics and economy
https://www.youtube.com/watch?v=g41OMW0LUIg&list=PLx0knzIJInnccC-dHY70fBqy9UyZH18Js
microeconomics chapter 2 cental problems of an economy
https://www.youtube.com/watch?v=KYJ62TgCz00&index=2&list=PLx0knzIJInneYizd1FtB-WEJtsQ3Y6PWa
microeconomics chapter 3 consumer's equilibrium utility analysis
https://www.youtube.com/watch?v=-DpcDMEtWKw&list=PLx0knzIJInncSpYGPkvVMTWProQy9bJee
microeconomics chapter 4 consumer's equilibrium indifference curve analysis
https://www.youtube.com/watch?v=d3Upk3YxpkY&list=PLx0knzIJInndE4vP3bHAf3n7mw02izpcr
microeconomics chapter 5 theory of demand
https://www.youtube.com/watch?v=hc0uPdTGL4o&list=PLx0knzIJInndEYslKIqvPOxpgDeAjl_zy
microeconomics chapter 6 price elasticity of demand
https://www.youtube.com/watch?v=G7ZvwRLWpoM&list=PLx0knzIJInnfhLSYMiQM-f9NNtRjqtnUb
microeconomics chapter 7 production function and returns to factor
https://www.youtube.com/watch?v=9CxaKtP27bw&list=PLx0knzIJInncGebE8ShuYDYZNX-ormBZV
macroeconomics national income complete chapter new syllabus class 12
https://www.youtube.com/watch?v=LWOLBC52ouA&list=PLx0knzIJInncYxm8fLaBDkmoa_XNUzANc

Views: 5617
Jhansi Institute of Commerce

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: 149492
AdvancedEcon

Production functions describe how output is determined by various inputs. The short run is defined as the period of time in which at least one input is fixed. Anything longer than that is considered the long run.
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Khan Academy

This video reviews perfect substitutes (labor and capital) in production, providing a numerical example. Although not mentioned in the video, the distinguishing feature of perfect substitutes is that the marginal rate of technical substitution (MRTS) is constant (i.e.,the slope of the isoquant does not change). The MRTS = marginal product of labor / marginal product of capital.

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