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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: 9332 MrsAndersonBHS
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: 146522 Khan Academy
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: 263686 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: 531201 Jacob Clifford
What is the Labor Theory of Value?
 
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To make sense of Karl Marx or even Adam Smith, you need to see the way they looked at prices — through the labor theory of value. SUBSCRIBE: http://bit.ly/2dUx6wg LEARN MORE: What Is Subjective Value? (video): Professor Don Boudreaux explains why the value of goods is subjective, as opposed to objective. https://www.youtube.com/watch?v=AYuHUdE_pys Marx’s Labor Theory of Value (online course module): Guinevere Liberty Nell explains Marx’s labor theory of value in the context of the economic history of the Soviet Union. https://www.mruniversity.com/courses/economic-history-soviet-union/introduction-labor-theory-value Subjective vs. Objective Value: The Economist and the Philosopher (video): Professor Aeon Skoble explains the differences in how economists and philosophers conceive of “value”. https://www.youtube.com/watch?v=6PeRBsEyakU TRANSCRIPT: Daniel Russell: Introducing the labor theory. The labor theory of value was a common theory in the 18th and 19th centuries about where prices come from and how a thing's price is related to that thing's value. What exactly is a thing's price? Or to put it another way, what is a good or service really worth? What is its real value? A modern economist would answer that the value of a good or service is determined subjectively. To put it very simply, the value of the thing that's being traded just is whatever the people doing the trading can both agree upon within an exchange that each of them would prefer. You might say that there is no such thing as the real value, if you mean a value that's somehow independent of the bargain that the traders actually make. But for a long time, economists generally thought of the value of a good or service as something objective. That is, something about the object itself that's being traded. On this view, there is some basic bearer of value in the world, and all other values and prices can be counted as multiples of that basic unit of real value. Historically, the most significant version of this theory is that the basic bearer of value is human labor, measured in the hours of work that have to be given up in order to produce some good or service. That is the labor theory of value. Adam Smith summed up the labor theory this way: "The real price of everything, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it." That toil and trouble includes the labor necessary to sustain oneself, as well as to replenish any materials used and to cover the costs of wear and tear on any tools or machines. But in order to improve one's standard of living over time, there must also be extra labor to create a surplus, like the tools and materials needed to build a new, bigger house, as well as enough food to last on the days spent building. When two people exchange, the price the consumer pays to the producer is just equal to the amount of labor time that is required to produce the commodity. That doesn't mean the producer can just increase the value by working more slowly. The value doesn't depend on how much time the production actually takes, but on how much time it generally takes given the level of productivity that's possible in society at the time. The price is equal to the value of the labor that is socially necessary to provide the producer's subsistence, to replace the spent capital, and to secure a surplus. It's important to see that on this theory, everything on the production side is labor. This is easy enough to see in the case of the living, breathing work that goes into production. But even the capital that makes the work possible can be seen as a kind of reified labor. Karl Marx sometimes described capital as accumulated labor, because it is the result of labor done in the past and it has become embodied, so to speak, in the form of tools and machines and factories, in the form of materials, and in the form of savings. These things are often called the means of production, or just capital. Neither work nor capital produce anything without the other. It always takes these two factors, these two types of labor, to produce anything. The labor theory of value is a theory about the nature of prices. It says that the real price of any good or service depends on some feature of that good or service. In particular, its real price depends on the quantity of all the labor that is socially necessary as an input to the production of that good or service. Very simply put, prices count the hours of work required. LEARN LIBERTY: Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.
Views: 31766 Learn Liberty
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: 3569 AJ McKamy
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: 176550 Economicsfun
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: 87290 EconplusDal
What marginal benefit equals marginal cost means in economic terms
 
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This video goes over the classic equation in economics MB=MC. The video explains what it means, and how we can get to it with three different examples. Basically we care about efficiency. If marginal benefit is not equal to marginal cost then something is going wrong in the problem. Either our budget ran short or the firm is over/under producing. By looking at the context of the problem we can figure out what is going wrong and why marginal benefit is not equal to marginal cost within this context. It is also possible that market failures are occurring which is covered in another video. More information on this topic can be found at http://www.freeeconhelp.com/2011/10/what-causes-aggregate-supply-curve-to.html
Views: 100939 Free Econ Help
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: 39144 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: 601574 Jacob Clifford
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: 7842 Carey LaManna
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: 29175 jodiecongirl
The Difference Between Value and Price; The Labour Theory of Value and Marginalism
 
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Oscar Wilde said a cynic is a man who knows the price of everything and the value of nothing. But what is value? Marxists say value comes from labour, but I disagree. Things differ in value depending on the person and the situation, even when their price remains they same or similar.
Views: 2433 Po the Person
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: 10625 1sportingclays
Profit Maximization
 
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This video shows how to maximize profit, and it derives the condition under which profit is maximized. 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: 249878 jodiecongirl
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
MARGINAL VALUE THEORY (Unit 1, Lecture 2)
 
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In this video we will learn what determines the value of a good, as we develop the underlying principles of the all important supply and demand model.
Views: 1363 Tyler Watts
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: 875547 Jacob Clifford
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: 3598 stephen king
Marginal Analysis, Roller Coasters, Elasticity, and Van Gogh: Crash Course Econ #18
 
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This week Jacob and Adriene teach you about marginal analysis, which you're using RIGHT NOW! The video is coming from inside the house! Or something. You'll learn how marginal analysis guides the decision making if cities, nations, companies, and amusement park enthusiasts. We'll also look at the idea of elasticity, and what people are willing to pay for certain stuff based on the supply. Why is a Van Gogh worth more than an OBEY poster? (hint: it's because they're still cranking out the OBEY posters, and Vincent is dead) All this and more on Crash Course Economics! *** Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 449135 CrashCourse
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: 201640 economicurtis
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: 92174 Jason Welker
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: 120426 Jason Welker
Total and Marginal Utility
 
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Utility in Economics is another word for "happiness". Most people would argue that more is always better. This lesson introduces and analyzes the relationship between the level of consumption of a particular good and the consumer's total and marginal utility derived from the good's consumption. We introduce the "law of diminishing marginal utility", which itself helps explain the 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: 53749 Jason Welker
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: 4341 stephen king
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
#20, Production function, types of products (Micro economics-Class 11 and 12)
 
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Class 12 microeconomics... Production function... Types of production function.... difference between short run and long run production function Types of products... Contact for my book ..7690041256... Economics on your tips video 20 Our books are now available on Amazon Special Combo - Economics on your tips Micro + Macro http://amzn.in/d/eSxj5Ui Economics on your tips Macroeconomics http://amzn.in/d/2AMX85O 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_ In order to promote us and help us grow Paytm on - 7690041256 Link for the previous video(video 19) Numerical problems of elasticity of demand(Class 12 microeconomics) economics on your tips video 19 - YouTube https://www.youtube.com/watch?v=0cJZZjiYcr4 Link for the next video(video 21) 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: 553402 Economics on your tips
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: 32574 lostmy1
Total Product curves
 
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Views: 14330 arnoldhite
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: 33209 UMassEconomics
Calculus - Marginal cost
 
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In this video we cover the idea of marginal cost. This is simply the derivative of the cost function. We can roughly define marginal cost as the cost of producing one additional item. For more videos please visit http://www.mysecretmathtutor.com
Views: 112000 MySecretMathTutor
Relationships between a Firm's Short-run Costs of Production
 
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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: 53128 Jason Welker
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: 412736 Economicsfun
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
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: 4665 stephen king
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: 1387 White Crane Education
HKAL Economics (F.6) - Marginal Use Value Approach
 
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for more details, please go to http://wongsireconA.xanga.com or www.friendonomics.blogspot.com
Views: 2227 wongsireconA
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: 184 Century Old
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: 88325 1sportingclays
Physical Capital and Diminishing Returns
 
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Do you recall our question about Germany and Japan from our previous video? How did they achieve record economic growth following World War II? Today's video will help answer that question. We'll be digging into the K variable of our simplified Solow model: physical capital. To help with our discussion, we’ll be exploring two specific concepts. The first is the iron logic of diminishing returns which states that, for each new input of capital, there is less and less output produced. Your first input of capital will likely be the most productive, because you’ll allocate this first unit to the most important, value-adding tasks. The second concept we’ll cover is the marginal product of capital. This concept describes the output created by each new unit of invested capital. Can you already see how these two forces of capital help answer our question about Germany and Japan? For these two war-torn countries, the first few units of invested capital had a lot of bang for their buck. The first roads between destroyed cities, the first new steel mills, the first new businesses—these helped boost their growth rate tremendously. Even more so, remember that Germany and Japan were growing from a low economic base after the war. It's easy to grow a lot when the base is small. But all else being equal, you'd rather have a larger base, and grow slower. Capital has some more nuances worth thinking about, which we'll show in the next video. So get to watching, and in our next macroeconomics video, we'll show you yet another problem surrounding physical capital. Related video: Puzzle of Growth: http://bit.ly/1T5yq18 Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1SgTXz5 Next video: http://bit.ly/1MvGg2D Help us caption & translate this video! http://amara.org/v/IF0a/
ECO 20263 Markets For Factors Of Production SU17
 
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Objectives: 1. Describe the anatomy of factor markets 2. Explain how the value of marginal product determines the demand for a factor of production 3. Explain how wage rates and employment are determined and how labor unions influence labor markets 4. Explain how capital and land rental rates and natural resource prices are determined
Views: 13 C.F. Neal
How to Solve for Maximum Output from Total Product Function
 
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This video shows how to solve for the firm's maximum level of output if given the firm's short-run production function or total product of labor function.
Views: 98 1sportingclays
Value & Utility
 
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This video discuses the topics of value, the subjective theory of value, utility, marginal utility, and the law of diminishing marginal utility.
Views: 1128 Econ Bloke
Intermediate Microeconomics: Equality of Marginal Products
 
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Given equal input prices, marginal products of inputs should be equalized across different production locations.

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