Productivity and Costs in the Short-run

Рет қаралды 141,537

Күн бұрын

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! econclassroom.com/?page_id=5870

Пікірлер: 56

@user-tm1ix7xi1n 7 жыл бұрын

I just came here to listen to your intro song.

@stevenkingston7682 11 жыл бұрын

THANK YOU MAN! my professor explain it in the most complex way possible for us to understand -.- which makes it almost impossible for me. I LOVE YOU!

@tahaezz2127 2 жыл бұрын

U explain everything important in a very easy method. You are the bomb!

@o0oNightIVIareo0o 10 жыл бұрын

This is awesome! Thank you so much for this lesson!

@usmani1284 3 жыл бұрын

Sir your way of teaching is very simple and easy to understand. I hope I will get 90+ in microeconomics.

@huonglethuy8822 9 жыл бұрын

I enjoy watching your video, very easy to understand. Thank you so much!!!

@lizg5010 10 жыл бұрын

You are seriously amazing! Thank you so much. This actually makes sense.

@kostiakulak2321 11 жыл бұрын

In the fifth column which is MC, there must be 0.3 instead of 0.33 (30 divided by 100) It makes no big difference of course, just as a matter of fact. Lots of Thanks for your lessons, they are really helpful for my exam prep.!!)

@amirestebari1470 6 жыл бұрын

You're an amazing teacher Jason!

@salvadornehemiah1459 2 жыл бұрын

instablaster

@musiclovers8409 Жыл бұрын

😊

@scdgjilh 8 жыл бұрын

what are the costs that increase after you produce beyond your optimal level of output?

@IngridMacherTV 10 жыл бұрын

great lesson and great explanation!

@charisma191 11 жыл бұрын

Thanks.This really is what I would want to describe as Micro Economics made simple.

@gikoable 12 жыл бұрын

Thank you so much. This does really help me to understand. ;)

@rejuvenatedsoul1016 5 жыл бұрын

At 400 units of output our MP becomes 25 (which is less than 33.3 - previous MP). So, as per the concept, once the MP starts falling - our AP should also fall. Here, at 400 units of output - our AP becomes 23.5 which is greater than 23.1 (previous AP). PLEASE EXPLAIN.

@merciadios5113 2 жыл бұрын

Thank you so much.

@suesao629 5 жыл бұрын

I need practice about economic analysis of production and cost please coz I have an exam even a link but please with answers to correct it thanks in advance

@amritaverma2541 10 жыл бұрын

amazing!!!

@rejuvenatedsoul1016 5 жыл бұрын

From the point MP starts to fall, AP should also fall but when we look at the diagram - before AP starts to fall - MP is increasing as well as decreasing (yes MP>AP). But as per the logic - increasing MP will only lead to increasing AP. As soon as MP starts to fall, AP should also fall. Please explain

@matthewchina2755 6 жыл бұрын

Nice video. Practically speaking, when graphing this, how do you set the scale for P and C so that it comes out proportionally ?

@JasonWelker 6 жыл бұрын

Really these should be two different graphs. A productivity graph should show output (vertical axis) per worker (horizontal axis). A cost graph should show dollars (vertical) per unit of output (horizontal). The reason the productivity curve is so wonkily shaped in this video is I'm showing how marginal product changes as output increases. When I make a new version of this video I'll draw two graphs: one showing marginal product as labor increases and one showing marginal cost as output increases. Then they'll both look like nice neat parabolas, mirror images of one another!

@matthewchina2755 6 жыл бұрын

Thank you Mr. Welker. And why do MC and AVC originate from the same point; in later lessons there is a vertical distance between them?

@harrisonmakemoneychannel1712 4 жыл бұрын

Sir what if the wages is not given how can we calculate the average total cost

@suprabheballary 9 жыл бұрын

Thank you :)

@nirajcit 8 жыл бұрын

awesome thank you very much

@bgutly84 11 жыл бұрын

thanks you

@hilda_theo6884 3 жыл бұрын

what the intro of the song is ?

@theophilusamoah1622 6 жыл бұрын

thanks very helpful

@morethandetermined-iyusaf245 9 жыл бұрын

Very helpful

@TheJokerGuns 4 жыл бұрын

Thank you

@sagwadi. Жыл бұрын

thank you

@munibeozan 7 ай бұрын

best teacher

@coffeenotgood 10 жыл бұрын

Thanks a lot, this is Great! Can you reference your video, didn't know the order to follow

@berryboy316 10 жыл бұрын

Talk to me sometime. Neal

@brushington9999 10 жыл бұрын

Looks like micro economics stuff?

@pelighirl718 Жыл бұрын

Very effective sir

@truman5560 4 жыл бұрын

marginal cost at 300 units of output should be 30/100=0.3, not 0.33. Anyways, great explanation! many thanks:)

@annapooranikp5393 3 жыл бұрын

Excellent 👌

@emergingschoolofeconomics2065 3 жыл бұрын

kzfaq.info/get/bejne/m8B9i8Kikr-wio0.html

@srinivaspingali1069 7 жыл бұрын

it is nice

@ZZY7568 6 жыл бұрын

Wow

@emergingschoolofeconomics2065 3 жыл бұрын

Good

@emergingschoolofeconomics2065 3 жыл бұрын

kzfaq.info/get/bejne/m8B9i8Kikr-wio0.html

@BeautiFuFu 3 жыл бұрын

So how is one to figure this table out when the quantity of capital is not given. All I have is price of labor, and price of capital, and a large blank table 🥴? Idk if I’m missing something or my Econ Professor just wants to see me pull my hair out...

@emergingschoolofeconomics2065 3 жыл бұрын

kzfaq.info/get/bejne/m8B9i8Kikr-wio0.html

@trollenslit7394 10 жыл бұрын

Thanks for the video, But please please please, its not beh-gal its Bay-gel

@suesao629 5 жыл бұрын

asap please

@imranurrahman1693 5 жыл бұрын

in another video, you calculated MP in a different way and here it's different, totally confusing

@JasonWelker 5 жыл бұрын

The marginal product is how much output the last worker hired contributed. It can be found by dividing the change in total product the change in the number of workers. If the change in workers is ONE, then it's just the change in output. If the change in the number of workers is more than one, then you'd technically be calculating the "average" MP... since you're determining how much output changed PER additional worker hired.

@imranurrahman1693 5 жыл бұрын

thank you

@portal9935 7 жыл бұрын

begles ..LMAO

@KatieoftheNight 6 жыл бұрын

HAHA IKR that was so distracting, since i'm from the south and we say BAAAAAAYYYY-guhls

@jaythomas3180 3 жыл бұрын

Begles... bagels with a demand curve is so high customers beg for increased production.

@rejuvenatedsoul1016 5 жыл бұрын

@JasonWelker 5 жыл бұрын

You are incorrect. AP rises as long as MP is above AP, even if MP is falling. AP only starts to fall when the marginal product is less than the average product.