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.
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PlayList on Production Theory :
http://www.youtube.com/playlist?list=PLFF0FC31E6A4D8E82
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Edgeworth Box Diagram
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Economicsfun

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Neal MacDougall

Useful to ISC, CBSE, Plus 2, BA., B.com, BBA, MA, MBA, CPT, and ACS.
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Views: 4075
Mirdhul Mahadev

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: 7312
Khan Academy

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: 140552
Economicsfun

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: 123218
Jason Welker

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)
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: 569150
Jacob Clifford

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: 12803
1sportingclays

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
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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: 927947
Jacob Clifford

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

Views: 44693
jsearcysfc

This video shows the mathematics of how to find where the average product of labor is maximized.

Views: 82
1sportingclays

This video describes the key components of short run production: marginal and average product. In particular, I give reasons for (1) why MP and AP are typically inverse-U shaped, and (2) why MP intersects AP at AP's maximum.
There is also a more general discussion of the relationship of average to marginal.
For a list of videos and links to these videos (organized by topic), check out the Intromediate Microeconomics video web page:
http://blog.thisyoungeconomist.com/p/learn-microeconomics.html

Views: 46408
intromediateecon

Online Private Tutoring at http://andreigalanchuk.nl
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Views: 2538
Andrei Galanchuk

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: 429419
Economicsfun

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: 27762
Mera Skill

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: 20828
Vellaichamy Nallasivam

Learn how to calculate the average of a daily total amount across month, quarters, years, or even categories with a pivot table.
Download the Excel file: https://www.excelcampus.com/pivot-tables/daily-average-calculation/
In this example the source data contains data for a sales transaction on each row. There are multiple sales per day, and therefore multiple rows with the same date.
This daily average calculation allows us to sum up multiple rows of data for the same date, and find the average trend across weeks, months, quarters, years, etc.
For this technique we will use the Power Pivot Data Model and DAX Measures. Don't let that scare you, as I explain it all step-by-step.
IMPORTANT: You will need Excel 2013 or later for Windows. That includes an Office 365 subscription. I will post another video in the future on how to do this on Excel 2010, or Excel for Mac.
Here are the 3 measures we create to calculate the Average Daily Sales:
1. Total Sales = SUM([Amount])
2. Distinct Day Count = DISTINCTCOUNT([Date])
3. Daily Average = [Total Sales]/[Distinct Day Count]
The DISTINCTCOUNT function in DAX calculates the distinct count of days for any given filter context in the pivot table. We take Total Sales for the same intersection and divide it by Distinct Count of days (date column) to get the Daily Average.
The great part about this technique is that it works for any time period grouping or even comparison between categories like region, department, etc.
Links mentioned in the video:
Read the full article here: https://www.excelcampus.com/pivot-tables/daily-average-calculation/
Grouping Dates in Pivot Tables: https://www.excelcampus.com/pivot-tables/grouping-dates-pivot-table-versus-grouping-dates-source-data/
Calendar Tables and Fiscal Calendars: https://www.excelcampus.com/tables/calendar-table-explained/

Views: 21665
Excel Campus - Jon

#productionfunction #microeconomics #totalproduct #averageproduct #marginalproduct

Views: 461
easyCBSE commerce lectures

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: 77873
Marginal Revolution University

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
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Views: 269789
Jacob Clifford

Looks at the relationship between these three labor curves. Please note that an error occurs for the last MPL: it should be -20 and not -10.

Views: 19261
Guy Pascale

This Video Give The Basic Concept of Total Product, Marginal Product And Average Product In Economics & Accounting (Urdu / Hindi)
ZPZ Education Channel Link: www.youtube.com/channel/UCwFzeQDf9cGm_ZeTXV_t5SA

Views: 1805
ZPZ Education

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

Views: 60650
Economicsfun

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: 630510
Jacob Clifford

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: 210555
economicurtis

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.
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Views: 148171
Khan Academy

Given info about fixed and variable costs, and firm productivity:
- We find how to calculate marginal cost.
- We find how to calculate average total cost.
- We find how to calculate average variable cost.
- We find how to calculate average fixed cost.
- We find how to calculate total fixed cost.
More Economics Videos at: https://sites.google.com/site/curtiskephart/ta/krugman-wells-microeconomics-solutions
---------------------
Mark and Jeff operate a small company that produces souvenir footballs. Their fixed cost is $2,000 per month. They can hire workers for $1,000 per worker per month. Their monthly production function for footballs is as given in the accompanying table.
[ see table in video ]
a. For each quantity of labor, calculate average variable cost (AVC), average fixed cost (AFC), average total cost (ATC), marginal cost (MC).
b. On one diagram, draw the AVC, ATC, and MC curves.
c. At what level of output is Mark and Jeff's average total cost minimized?
from Krugman Wells -- Microeconomics 2nd Ed. -- Chapter 12 (Behind the Supply Curve: Inputs & Costs), Question 10
--------------------------

Views: 245223
economicurtis

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: 40829
Economicsfun

This video shows how to calculate various forms of cost (total fixed cost, total variable cost, average variable cost, average total cost, average fixed cost, and marginal cost) based on total cost information and shows graphically what these costs look like. The problem is taken from Essentials of Economics, 2nd Edition, by Paul Krugman, Robin Wells, and Kathryn Graddy, and is Ch. 6 problem #4. 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/
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Views: 35068
jodiecongirl

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: 94525
Jason Welker

Meaning of short-run along with the explanation of Total product, Average product and Marginal product with examples and graphical presentations.

Views: 3810
Easy Schooling

The average product of labor is the total product of labor divided by the number of units of labor employed.
Average product= total product / number of employees
Average product=5000/100
=50
MARGINAL PRODUCT
Additional output gained by adding one unit of labor.
For example: extra jeans (output) gained by hiring an extra worker
To watch fiscal policy and monetary policy
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To get bank rate and repo rate
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BCS365

This video explains the concept of product costs (aka inventoriable costs) for a manufacturing firm. An example is provided to illustrate how product costs attach to a product (first as inventory, then later through cost of goods sold), as opposed to period costs which are expensed as incurred (and thus are not attached to the product or affected by its flow).
Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com
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Views: 37419
Edspira

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: 151016
AdvancedEcon

SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022
DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj
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Email me: [email protected]
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: 468
EnhanceTuition

In this lecture, you will learn the total product, average product, and marginal product. All basic concepts are explained in a very simple manner. Learn it and share it with other friends. For more upcoming lectures subscribe to economics guider. Thanks

Views: 470
Economics Guider

Looking at marginal and average total cost in the context of a juice business
Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/average-costs-margin-rev/v/marginal-revenue-and-marginal-cost?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics
Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/economic-profit-tutorial/v/depreciation-and-opportunity-cost-of-capital?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: 482505
Khan Academy