Introduction to Long Run Cost

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Introduction to Long Run Cost - Microeconomics

Рет қаралды 32,106

Күн бұрын

Tutorial on introduction to long run cost theory. This is the first video in a three video play list. Describes isocost and isoquant lines and how they are derived. This tutorial discusses the theory. Shows how produces trade between using Capital (K) and Labor (L).
Playlist on Long Run Cost Theory
• The theory of cost in ...
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Пікірлер: 14

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@dodgingdurangos924 3 жыл бұрын

Wait. Do you have to increase labor for every decrease in capital? The law of diminishing returns to labor states, well, what the name implies when you add an additional worker and there's a limited amount of tools available. Wouldn't it be a wasted cost if the marginal product decreases as total labor cost increases?