In economics, the marginal product of labor (MPL) is the change in output that results from employing an added unit of labor. It is a feature of the production function, and depends on the amounts of physical capital and labor already in use. (Wikipedia).
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
From playlist Calculus
From playlist Courses and Series
Unit 7 - no price discrimination part 2
From playlist Courses and Series
(THE LOST EPISODES): Monopsony Factor, Monopoly Output
In this video, I take a look at the worst of all combinations for the employee -- an employer who has a monopoly on the product that they sell, and monopsony power as a hirer of labor. "(THE LOST EPISODES) Monopsony Factor, Monopoly Output" by Dr. Mary J. McGlasson is licensed under a Cre
From playlist Microeconomics modules
Unit 4 - social surplus part 1
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Section (2.7) Marginal Analysis
Applied Calculus – Section (2.7) Marginal Analysis This lecture defines marginal cost, revenue, and profit. We use the derivative to evaluate marginal change at a specified level of production and compare the result to the exact monetary change when production increases by one unit. Then w
From playlist Applied Calculus
Unit 2 - consumer demand part 4
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Unit 8 - practice problem 2 solution
From playlist Courses and Series
Lec 9 | MIT 14.01SC Principles of Microeconomics
Lecture 9: Productivity and Costs Instructor: Jon Gruber, 14.01 students View the complete course: http://ocw.mit.edu/14-01SCF10 License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu
From playlist MIT 14.01SC Principles of Microeconomics
A firm's marginal product revenue curve | Microeconomics | Khan Academy
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_me
From playlist Factor markets | AP Microeconomics | Khan Academy
http://mathispower4u.wordpress.com/
From playlist Business Applications of Differentiation and Relative Extrema
Lec 18 | MIT 14.01SC Principles of Microeconomics
Lecture 18: Factor Markets Instructor: Jon Gruber, 14.01 students View the complete course: http://ocw.mit.edu/14-01SCF10 License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu
From playlist MIT 14.01SC Principles of Microeconomics
(THE LOST EPISODES) Monopsony Factor, Perfectly Competitive Output
In this video, I go into the formal model of Monopsony in more detail. As you would expect, a less competitive buyer's market means a better price for the buyer -- in this case, lower wages for workers (and fewer workers hired). "(THE LOST EPISODES) Monopsony Factor, Perfectly Competitiv
From playlist Microeconomics modules
15. Input Markets I—Labor Market
MIT 14.01 Principles of Microeconomics, Fall 2018 Instructor: Prof. Jonathan Gruber View the complete course: https://ocw.mit.edu/14-01F18 YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G- This lecture covers factor markets, the markets that set th
From playlist MIT 14.01 Principles of Microeconomics, Fall 2018
MIT 14.01 Principles of Microeconomics, Fall 2018 Instructor: Prof. Jonathan Gruber View the complete course: https://ocw.mit.edu/14-01F18 YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G- This video introduces the second unit of the course about p
From playlist MIT 14.01 Principles of Microeconomics, Fall 2018
From playlist Courses and Series
MIT 14.01 Principles of Microeconomics, Fall 2018 Instructor: Prof. Jonathan Gruber View the complete course: https://ocw.mit.edu/14-01F18 YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G- This lecture continues the discussion about producer theory
From playlist MIT 14.01 Principles of Microeconomics, Fall 2018
16. Input Markets II—Labor and Capital
MIT 14.01 Principles of Microeconomics, Fall 2018 Instructor: Prof. Jonathan Gruber View the complete course: https://ocw.mit.edu/14-01F18 YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G- This lecture continues to explore factor markets, using min
From playlist MIT 14.01 Principles of Microeconomics, Fall 2018
The Push-Up Machine - Labor Market Activity
This is a great activity to simulate the labor market and show how a business decides how many workers to hire. Watch the video and see if you can figure out the following: 1. How many workers should be hired to maximize profit? 2. What output should be produced to maximize profit? 3. How
From playlist Micro Unit 5: Factor (Resource) Markets
ETH Lecture 10. Economic Dynamics: Production Functions (24/11/2011)
Course: Systems Dynamics and Complexity (Fall 2011) from ETH Zurich. Source: http://www.video.ethz.ch/lectures/d-mtec/2011/autumn/351-0541-00L.html
From playlist ETH Zürich: Systems Dynamics and Complexity (Fall 2011) | CosmoLearning Mathematics