Search results “Marginal product of labor is”

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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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
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Views: 544537
Jacob Clifford

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
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Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course
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Views: 146874
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.
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Views: 136998
Economicsfun

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.
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Jacob Clifford

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.

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Khan Academy

For the Advanced Microeconomics Review please go to: http://bit.ly/2aj1txm
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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: 149288
AdvancedEcon

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

Views: 44049
jsearcysfc

Demand Curve for Labour - Marginal Revenue Product (MRP). A video covering the Demand Curve for Labour - Marginal Revenue Product (MRP)
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EconplusDal

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.
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Views: 39655
Economicsfun

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 :
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Edgeworth Box Diagram
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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: 205114
economicurtis

In economics, the marginal product of labor is the change in output that results from employing an added unit of labor.
This video is targeted to blind users.
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Article text available under CC-BY-SA
Creative Commons image source in video

Views: 673
Audiopedia

https://goo.gl/3nPBnl for more FREE video tutorials covering Macroeconomics.

Views: 2281
Spoon Feed Me

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.
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jodiecongirl

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: 12209
1sportingclays

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: 19010
Guy Pascale

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: 13483
tutor2u

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Jesse Zinn

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.)
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Views: 9068
UMassEconomics

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

This short lecture develops an equation for a firm's demand for labor. Note the similarities between this equation and MR(Q)=MC(Q). The intuition for the two is very similar.

Views: 4207
Steve White

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: 9417
MrsAndersonBHS

Online Private Tutoring at http://andreigalanchuk.nl
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Views: 5158
Andrei Galanchuk

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.
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Views: 19853
Vellaichamy Nallasivam

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

Views: 1228
Anil Lal

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: 26984
Mera Skill

Rohen Shah explains MPL and Returns to scale.
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DiagKNOWstics Learning

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.
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Views: 172063
Jacob Clifford

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: 8419
Investor Trading Academy

[ COMPLETE VIDEO LIBRARY: http://www.halsnarr.com/snarrinstitute.htm ]
Long run production function (0:00), short run production function (1:27), Law of Diminishing Marginal Productivity (3:48), graphing total and marginal product of labor (5:56), short run output, expenses, revenue, and profit equations (7:20), short run profit maximization rule using graphs (10:14, 21:54), short run profit maximization rule using calculus (12:00, 21:54), short run labor demand equation (16:11), graphing the labor demand equation (17:03), shifting short run labor demand (19:15), long run cost minimization (22:40), solving long run production for K yields the isoquant (22:56), graphing isoquants (24:09, 25:02), isocost (25:53), graphing isocost (26:54), rising cost shifts isocost (28:03), rising price of K rotates isocost (29:01), rising wage rotates isocost (31:19), long run cost minimization (33:15), long run labor demand and the output effect of falling wage (38:41), scale and substitution effects (42:28), elasticity of substitution and curvature of the isoquant (45:57), application: the free market punishes firms that discriminate (47:00), application: affirmative action can work (48:06) or can put firms out of business (49:29), perfect substitutes and perfect complements in production (54:48)

Views: 12015
The Snarr Institute

An experiment performed by Professor Marjan Orang's Fundamentals of Economics class, section 003

Views: 136
Wyatt Maxey

I created this video with the YouTube Video Editor (http://www.youtube.com/editor)

Views: 2598
carleesha chambers

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: 15390
Chris Thomas

Why is the firm's demand curve for labor downward-sloping? Turns out it's all about our good friend The Principle of Diminishing Marginal Returns

Views: 165
Carey LaManna

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

Views: 77
1sportingclays

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
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BCS365

This short revision video looks at the problems in accurately measuring the marginal revenue product from employing an extra worker.
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tutor2u

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
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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
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Views: 66144
economicurtis

Determining the cost minimizing mix of capital and labor need to produce a given level of output based on the marginal product of capital, marginal product of labor, wage rate, and rental rate.

Views: 14348
jsearcysfc

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