Productivity and Costs in the Short-run

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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

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31 июл 2024

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Комментарии : 55

@user-tm1ix7xi1n 7 лет назад

I just came here to listen to your intro song.

@o0oNightIVIareo0o 10 лет назад

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

@usmani1284 3 года назад

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

@huonglethuy8822 10 лет назад

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

@amirestebari1470 6 лет назад

You're an amazing teacher Jason!

@salvadornehemiah1459 2 года назад

instablaster

@stevenkingston7682 11 лет назад

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!

@lizg5010 10 лет назад

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

@tahaezz2127 2 года назад

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

@IngridMacherTV 10 лет назад

great lesson and great explanation!

@charisma191 11 лет назад

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

@gikoable 12 лет назад

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

@scdgjilh 8 лет назад

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

@amritaverma2541 10 лет назад

amazing!!!

@kostiakulak2321 11 лет назад

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.!!)

@merciadios5113 2 года назад

Thank you so much.

@suprabheballary 9 лет назад

Thank you :)

@nirajcit 9 лет назад

awesome thank you very much

@morethandetermined-iyusaf245 9 лет назад

Very helpful

@bgutly84 11 лет назад

thanks you

@theophilusamoah1622 6 лет назад

thanks very helpful

@munibeozan 7 месяцев назад

best teacher

@suesao629 5 лет назад

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

@harrisonmakemoneychannel1712 4 года назад

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

@TheJokerGuns 4 года назад

Thank you

@sagwadi. Год назад

thank you

@matthewchina2755 6 лет назад

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 лет назад

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 лет назад

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?

@rejuvenatedsoul1016 5 лет назад

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.

@rejuvenatedsoul1016 5 лет назад

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

@pelighirl718 Год назад

Very effective sir

@hilda_theo6884 3 года назад

what the intro of the song is ?

@srinivaspingali1069 7 лет назад

it is nice

@coffeenotgood 10 лет назад

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

@berryboy316 10 лет назад

Talk to me sometime. Neal

@brushington9999 10 лет назад

Looks like micro economics stuff?

@annapooranikp5393 3 года назад

Excellent 👌

@emergingschoolofeconomics2065 3 года назад

ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eZMX_q-YLZY.html

@ZZY7568 6 лет назад

Wow

@truman5560 4 года назад

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

@emergingschoolofeconomics2065 3 года назад

Good

@emergingschoolofeconomics2065 3 года назад

ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eZMX_q-YLZY.html

@suesao629 5 лет назад

asap please

@BeautiFuFu 3 года назад

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 года назад

ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eZMX_q-YLZY.html

@trollenslit7394 10 лет назад

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

@imranurrahman1693 5 лет назад

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

@JasonWelker 5 лет назад

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 лет назад

thank you

@portal9935 7 лет назад

begles ..LMAO

@KatieoftheNight 6 лет назад

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

@jaythomas3180 3 года назад

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

@rejuvenatedsoul1016 5 лет назад

@JasonWelker 5 лет назад

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.