5. Production Theory

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MIT 14.01 Principles of Microeconomics, Fall 2018
Instructor: Prof. Jonathan Gruber
View the complete course: ocw.mit.edu/14-01F18
RU-vid Playlist: • MIT 14.01 Principles o...
This video introduces the second unit of the course about producer theory. Topics include the production function, short-run production, long-run production, rates of technical substitution, returns to scale, and productivity.
License: Creative Commons BY-NC-SA
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12 июл 2024

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Комментарии : 152

@tarafahey6217 3 года назад

04:38 Variable & Fixed Inputs 05:37 Long Run vs Short Run 08:09 Short Run 09:35 - - > Marginal Product Utility 12:16 Long Run 13:31 - - > Isoquants 16:16 - - > Leontieff Graph 17:44 - - > Marginal Rate of Technical Substitution 24:40 Returns to scale 29:03 - - > Examples 31:45 Productivity 30:30 - - > Total Factor Productivity 43:58 Three Questions: 44:03 - - > IT Revolution & (lack of) Productivity Gains 45:09 - - > More Work or More Leisure? 46:21 - - > Top 1% vs Bottom 99% - Who gains?

@snowsharonfoo 3 года назад

Thank you so much for this!

@asiaejaz9304 3 года назад

@christophemoore6090 2 года назад

Thanks for the table of context with the timestamp links

@sulaymanbojang2094 2 года назад

Merci beaucoup

@lindadlamini8388 3 года назад

THANK YOU MIT FOR RECORDING AND UPLOADING THESE LECTURES HERE FREE OF CHARGE. WATCHING THESE FROM SOUTH AFRICA, BTW.

@antoniwanlyuvenhoc8927 3 года назад

Yes man I also watching these lectures from India

@bradleymarshallmusic 3 года назад

Watching from Australia

@selmamalima 3 года назад

Is this economics

@lindadlamini8388 2 года назад

@@selmamalima Yes it is. It's Micro-economics.

@oguzhanbayrak4359 2 года назад

from turkey

@cameronoleary3916 2 года назад

Such a good lecture, I wish my professor was half as good as Prof. Jonathan Gruber

@andile5945 2 года назад

Instructors with an empirical background have a wonderful way of distilling a subject. This is awesome stuff. Forever grateful for the introductory content.

@alibabausman9743 Год назад

I have never understand this course before until now. This lectures from MIT are of great help to us studying economics. We are not in the class but we do understand the lectures as equal as the class. Professor Gruber is a genius. I am an M.sc Student from Nigerian Defense Academy (NDA), Kaduna, Nigeria. Am looking forward to seeing you, Prof.

@lesliethompson1076 2 года назад

Production Theory test for my Public Policy Grad Micro class on Monday. THANK YOU MIT for your help!!!!!!!!! Been using your lectures all semester to supplement my learning.

@arinzechukwubuike 3 года назад

This course in now getting interesting. I must complete it.

@vaibhavkeshari9620 3 года назад

It was interesting since day 1. Clearly you weren't paying attention.

@joaogoncalves8858 Год назад

@@vaibhavkeshari9620 Seems like you were the one not paying attention. You must have missed out on the concept of ordinal utility.

@ryanhachey9525 4 года назад

“Let’s think of two perfectly substitutable inputs. A Harvard graduate and a beanie baby.”

@chaitanyasharma3921 2 года назад

Students are too serious, they don't react to any jokes

@riaa12 7 месяцев назад

the class audio was muted @@chaitanyasharma3921

@redrubydasleeze17 6 месяцев назад

What does beanie baby mean I didn't get the joke can anyone explain 😭

@azarakhshsawmen127 16 дней назад

@@redrubydasleeze17 Google was invented in 1998 People in 1997:

@eduardoabreu1626 3 года назад

Super helpful and complete class. Grateful for the content. Keep improving!

@akolonomics 2 года назад

Thank you so much professor. I have clearly understood the topic of production theory. Hope to pass my MA exam with flying colours at the University of Nairobi, Kenya.

@someonethirsty1957 7 месяцев назад

Did you pass with flying colors?

@akolonomics 7 месяцев назад

@@someonethirsty1957 Thank you so much for your follow-up question 🙏. I passed with flying colours and graduated yesterday, December 15, 2023, with Master of Economics at the University of Nairobi. Thank you so much once again 💓.

@someonethirsty1957 7 месяцев назад

@@akolonomics You must be very proud. This new accomplishment sounds like the next big step for you!

@oladeleluqmon4653 2 года назад

These lectures are priceless. God bless MIT.

@londonlife4369 7 месяцев назад

thank you for allowing all to watch these lectures which are really really helpful and the lecturers are also very good even after paying thousands of pounds to university I have not learnt about these

@joshvinet9250 3 года назад

The hero I needed, Godspeed sir.

@hanyeoreum 3 года назад

R.I.P for the chalks from his classes...8:19

@anmolagrawal386 7 месяцев назад

00:00 Introduction to producer theory and maximizing profits through minimizing costs. 06:21 Short run production function: labor is variable, capital is fixed. 11:35 Understanding diminishing marginal product of labor and long run production 17:13 Understanding the Marginal Rate of Technical Substitution 22:51 Returns to scale in production 27:50 Returns to scale must decrease eventually 32:23 Productivity and innovation drive economic growth 37:30 Productivity innovation is key to determining a country's standard of living. 42:41 Productivity growth has slowed down since 1973, raising questions about its measurement, utilization, and distribution. 47:07 Productivity gains have only benefited the top 20% of income distribution.

@sleepycritical6950 3 года назад

Did he just say "how much shit we have" at around the 40 min mark? Gotta be the coolest Prof I've ever seen.

@Alemiha 2 года назад

He did indeed, that and the porn part made me chuckle.

@winstonacousticstudio445 2 года назад

@@Alemiha i can't seem to spot the porn part

@andreasantoniou6017 Год назад

@@winstonacousticstudio445 44:25

@raghunathnandi8203 2 года назад

I love you sir u are a perfect professor , i even not a student of economics understand clearly

@nox5282 Год назад

I propose a thesis that return of scale can be strictly increasing in areas of production that does not produce a physical product but a service that is not limited to physical resources or even manual labour.

@Khanzadi-nd5wv Год назад

I am from Pakistan And your teaching ability is just marvelous 👌🏼🤗...Thanks for being helping me to understand microeconomics 🙌🏼

@joshuaaruokhai5401 8 месяцев назад

i love Prof. Gruber's teachings, so concise and informative

@robbyosborne9708 7 месяцев назад

He is such a wise man.

@user-fo5wh7hi5j 15 дней назад

Master OOgway

@auliandabahri2094 3 года назад

I was studying economy but here in English version..nice post..

@happymeal828 9 месяцев назад

such a good explanation, thank you so much. this is very helpful

@mathiashelseth8488 3 года назад

This is amazing holy crap

@lucianomoraes4194 5 месяцев назад

Thank MIT for providing this kind of lecture and free-for-all community. This is a real democratization for everyone.

@kych2008 2 года назад

The force is with you .

@frenchpapi 3 года назад

Thanks for the lecture it has been so Good...

@adahsamuel356 19 дней назад

A great lecture delivered, thanks sir.

@thomasjunior7589 10 месяцев назад

This recording really helpful...watching from Solomon Islands in the Pacific

@MidnightBabySlick 2 года назад

That was excellent thank you so much

@yihuniemulaw4125 Год назад

thank you instructor!

@aaaazero Год назад

Thanks instructor and MIT

@user-tw7zo3be8d 7 месяцев назад

Very precise and informative thanks sir BTW watching this from Zimbabwe

@adityagupta1583 3 года назад

everytime he says OK..... have a deep breath

@hzngura5607 2 года назад

Very impressed your lecture sir...

@zeweichu550 Год назад

Love this professor, super energetic : )

@portiasafo1380 2 года назад

very understanding. thank you sir

@rainfordkingsley187 3 месяца назад

Thankyou prof,it was very helpful clear and understandable

@an-sofiedebruycker8300 2 года назад

You just know he makes that harvard joke every year

@OG-NASA 3 года назад

Amazing lecture bro

@arjunmahajan4049 9 месяцев назад

Goal of producer to maximise profit , make production effectiently as possible Profit = Revenue-Cost

@hongyo122 2 года назад

수요는 넘 어려웠는데 그걸 하고나니 공급은 좀 더 수월하니 재밌다.. 아직까지는 ...

@DenBorchev Год назад

On 44:15 "We don't really know [why productivity growth slowed past 2005]": - By December 2005, Facebook had 6 million users. - Twitter created in early 2006 - RU-vid founded in February 2005 Th internet has not been the same ever since.

@muhammadsiddiqui2244 3 года назад

8:19 I have indestructible chalks but they also don't write.

@Paulgizmo 2 года назад

Super great video

@datarecords6248 15 дней назад

44:18 ai is taking over now... crazy how far things changed since 2018

@user-li5vc7fg1n 8 месяцев назад

thank you so much!!!!

@md.kamalhossain4850 2 года назад

Would you prescribe a Microeconomics book which will be relevant with this excellent lecture?

@androidperez3746 2 года назад

Thank you for uploading this for free.

@Tibs14 6 месяцев назад

Bro is saving my semester let him cook 🙏🙏♨️♨️♨️♨️ give this man a raise

@ashokekumarsen7919 2 года назад

Locus of all combinations of L n K which give you the same level of output is an isoquant!

@shashwatkunder1658 3 года назад

He won't be able to write if he used indestructible chalks

@sleepycritical6950 3 года назад

Probably a marker and whiteboard would be a good substitute

@kirangwagodfrey3834 2 года назад

Production principles are ever in close cooperation with demand principles. The producer to produce have to follow carefully market demand.

@aliyahhh2300 2 года назад

thank you very muchhh huhuhu

@aliyahhh2300 2 года назад

13:01

@mcdev6868 Год назад

I love these courses I learn so much! Even more fascinating is the fact that he did not yet seem to be canceled by being fat phobic lol.

@uditabhattacharya2824 6 месяцев назад

long run production and returns to scale, see the bookmarks very very important

@gabbyaordkian1924 2 года назад

Very thorough prof

@davisoaresalves5179 9 месяцев назад

Krugman said: productivity isn't not everything, but in the long run it is.

@peterg617 3 года назад

Someone needs to invent me some more indestructible chalk 8:18

@rainfordkingsley187 3 месяца назад

Stupid

@user-cn1jq7ne1g 9 месяцев назад

That's nice presentation however I need the presentation on long run and short run production ie economies of scale,deeconomies of scale

@DataSet 2 года назад

32:50 Land can be variable actually. Artificial Islands have already been created for many years. China for instance, has developed over 3200 acres of artificial land.

@aarondesilva9578 2 года назад

Land would be more of a long run variable than short run

@gtawalkthrough336 2 года назад

Isn't that land defined as 'natural resources' used in production? From this logic, artificial island which is man-made is not land.

@johnfoo8400 3 года назад

Am I the only one who found out he said internet only helped us improve productivity at 44:28?

@righteousness8606 2 года назад

46:00 we can also say that we spend alot of our productivity on wars...which is why our infrastructure is degrading.

@fernandocarmo1570 Год назад

Or better, in bellic study and production

@Jamesbond-d007 2 месяца назад

Paid money to local university and here we take lectures to understand economy 😂😂

@rashidahjalaludin9909 3 года назад

interesting; related to reality (not just theory)

@gatlatwal8499 Год назад

Please help me calculate this problem Suppose the production is given as Q= F(56L^1/2 -12L+K^2+400)where the value of K=5unit then calculate elasticity of input at total output maximizing level of input

@mdrabbani1167 2 года назад

Watching from Bangladesh.

@aaaazero Год назад

Not every one fully utilize features built in windows. It led to productivity remained. Cause behavior and skill not changed much

@nomad8473 Год назад

Additional production is only none returm with wage capital, not salary capital.

@ivanferraz8914 Год назад

He knows how to teach :)

@Himanshu12468 2 года назад

Could someone please dwell more into “firm and market concept” in reference to this lecture

@kingrobert7246 2 года назад

Does anyone know where the square root is derived from in all the production functions e.g. why is is sqrt of p x s not just p x s?

@chappie3642 Год назад

It's probably to adhere to the law of diminishing marginal product of labor, If It were labor*Capital then the derivative of the quantity produced with respect to the labor would Just be the Capital, meaning that a given an increase of 1 in the labor provided the quantity of things produced increases by k regardless of how much labor Is already put in. On the other hand you can check for yourself that if the function Is F(L,K) = √(L*K) then the marginal product of labor Is √K/(2*√L) so as the labor increases so does the change in quantity produced when L increases (because of the √L in the denominator)

@qasemtv1737 8 месяцев назад

I can't believe I'm attending an MIT Economics class from Africa😅😅!!

@marcusatiliusregulus 2 года назад

Europe... is not more rundown then america?? Also many precursors to the assembly line dating back to the venetian armory (galileo worked there for a short period!) but these are tangential nitpicks. The lectures are amazing.

@compassft Год назад

When speaking about the second extreme case, i.e. non substitutable inputs, prof. Gruber states real examples are those where you need both products of a pair, such as, he says is the typical example, shoes...but to me those look like more as outputs, not inputs, i.e shoes are products...instead I found more convincing the example by the girl who says computer and programmer...has anyone an idea on that?

@ishika775 7 месяцев назад

Yea . You are right . The example of right shoe and left shoe is generally taken in case of non substitutable indifference curves and not in case of isoquants. The example given by the girl is apt

@michaelcollins1717 Год назад

39:50 you're welcome

@subhuman3408 2 месяца назад

39:00

@Faisal_Fahad 3 года назад

15:12 , :)

@nox5282 Год назад

Food consumption has risen sure, but I’m willing to bet the nutritional consumption is way down. Cost of food, mineral drainage from soil and increase demand for fast and empty calories.

@defyingfinance9882 9 месяцев назад

at 44:00 we know why. Regulation.

@zamuelito8266 2 года назад

39:51 how much….SHIT???? What the…..?!

@andreasantoniou6017 Год назад

lol what is your problem

@hinoiri5886 Год назад

my teacher could never

@forheuristiclifeksh7836 7 месяцев назад

15:35

@alimorevale7351 Год назад

Philippines here 😅

@marcwhite6267 Год назад

"There's never been a famine in a democracy."

@defyingfinance9882 9 месяцев назад

at 47:00 thats easy. Inflation destroyed the wealth.

@nomad8473 Год назад

Cant believe a pro cant tell big Q from little q

@kiharawatiri3849 3 года назад

what is the secret behind understanding and passing microeconomics ?

@sleepycritical6950 3 года назад

Studying. I'm in the same boat man, really studying by immersing myself in econs.

@alex-pu6uq 2 года назад

this and khan academy

@muhammadsiddiqui2244 3 года назад

2:50 Prof: We will try to keep it straight. LGBTQ+ Community: Let's protest.......

@nomad8473 Год назад

This guy sounds like a.communist.describing capital.theory. and i love it

@andreasantoniou6017 Год назад

well no it is all just technicalities

@user-wc7em8kf9d 3 года назад

I guess that economics should be among the easiest courses at MIT...

@HarukiYamamoto 3 года назад

Anything is easy if you have a background in engineering.

@raniahassan353 3 года назад

@@HarukiYamamoto why

@shizukakudo-nj1re 2 месяца назад

Is this that Japanese chalk ?

@misteredventure Год назад

I'm confused though. Why is this guy still using chalk and a chalkboard? This is MIT, right?

@stormrider1375 Год назад

"The moment that [National Socialist] Germany revolted against the conception that production should be restricted in the interests of a few High Financiers, she created in the minds of all well-informed democrats the fear that Central Europe would break away together from the system of international finance." - William Joyce, "Twilight Over England", 1940

@mintusaren895 2 года назад

So biggest so smaller. Science vs philosophy.

@iamnotsure237 Год назад

well that is the laziest 2 I have ever seen.

@buyallmeansnowh7493 3 года назад

He still hasn't told us the number of factories he has managed

@phyllisnmwalilino2329 2 года назад

does a doctor need to have had a disease to be able to treat it...NO!!!

@buyallmeansnowh7493 2 года назад

@@phyllisnmwalilino2329 A doctor needs to be able to manage a disease to be able to treat it

@paschalcharles6097 11 месяцев назад

The presentation is too abstract, and in reality needs specific examples, production is hard thing , cannot be presented in very simple way

@MajinXarris 2 года назад

3:57 " Labour is pretty easy "Typical capitalist mentality shining in a high level institution. 4:09 "Capital is harder" Sure it is harder but guess what, machines are also built by "workers", buildings are also built by "workers" land is also secured by "workers", therefore this contradicts his statement that capital is difficult. I can't believe people aren't commenting on that.

@ArunKumar-yb2jn 2 года назад

Easy there buddy. He just means in the short run it's easier to hire more workers than acquire capital. It's a technical problem. Not a value judgement. Go easy on the concepts.

@andreasantoniou6017 Год назад

calm down my gen Z friend