Marginal Product and Marginal Cost Review
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- Опубліковано 13 жов 2024
- New video for this topic- • Short-Run Cost Curves ...
In this video I explain the relationship between marginal product and marginal cost. The bonus round explains a numeric example that shows that MP and MC are mirror images of each other. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class.
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You are quite literally the only reason I pass Econ.
fucking totally agree
me rn fr
Sal normally hits the mark in Khanacademy, but honestly, I find Mr. Clifford's econ videos much easier to understand than Sal's. Maybe it's because Mr. Clifford's lessons are catered to high schoolers in AP classes (Current high school senior). Thank you it helps so much!! Studying for academic decathlon :)
probably have a job now
I can't believe this was 10 yrs ago...
I am an online student. Your videos help clarify things. I really appreciate the uploads.
Mr. Clifford, i dont know how you do it but you make these concepts look too easy.
Thanks a lot
You're a star man! I hope my exam will go well tomorrow
my fucked up professor took him 2 lectures and still couldn't think of putting these two curves together and make it simple to understand , you saved my life thank you
You rock man!!...I´ve learned more from you in 10 min, that from my "PhD." professor in a whole semester.
Of all the UA-cam tutorials I have looked at involving things I've never even heard about, this one is the easiest to understand.
I have been self studying micro-econ on and off for the last 3 months after the 9-5 job. I will be testing out in the next day or so. I have to say that this has been an enthralling review of the material. Thank you so much!
I'm studying for my CFA exam. This is basic stuff, but you definitely clarified the material, and in a very short amount of time. Thanks!
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You really are a fantastic human and articulate concepts in a manner which makes esoteric principles digestible
I don't get why teachers can't be as clear as this. Mine can't seem to explain this for his life when it's so simple!
Absolutely fantastic. Learn more in two minutes that four hours worth of lectures.
Some people are just born to teach. Thanks man.
Thank you for the videos!
I am an undergrad business student in Australia and I find these videos very interesting, helpful and funny. Keep it up!
Job well done! Great simplification. I often find my teacher giving so many details that they're lost among the class.
All I can say is you "Rock" Mr. Clifford, this has been eye opening and helpful. Thank you!!!!!
spent hours in a lecture and got nothing but your 4 minutes did the trick. thanx man:) ur a lyfsaver
so much better than I read my book alone, that's why I need a teacher like you!!
I have an economics exam in 9 hours and 45 minutes. If I found this channel 24 hours earlier I'd ace it. FML.
your videos are proof that online videos than be very educational!! Thank you!!
"this video is a tool to help u understand better after class"
well u see.. the thing is I don't understand anything in class and this video makes me understand better...
Dude you just taught me more than my IB Econ teacher has in two years. DAMN!!!!!!!! thanks. this helped so much
Thank you so much. The videos help a lot. You give a clear understanding of everything.
You are awesome. You are probably going to be the reason for me passing my economics course in my masters degree!
These videos helped me so much and i have been struggling with Economics thank you so much
i understood what you taught me in 5 minutes than my whole semester in micro economics.
You are my online economics teacher. Thank yoou
You're the reason I never go to class, and still ace the tests.
Thanks man, got really confused on this till you helped
You are my favorite! Everything is explained so well, and so quickly. THANK YOU!
I like the attitude, and the energy! Thank you for the help!
well what can i say! you are a legend! thankyou so much! wish my teacher could explain like you do!
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So marginal product is the change in quantity produced(output)? And Marginal cost can be equal to the change in TC over the MP?
Which would also explain the inverse relationship between MC and MP...
it sounds so much easier when he explains!
Wow your production quality has come a long way
great teacher. my ECON teacher needs to learn from you.
I'm gonna pass the quiz today!!!! Thank you!!!!
I can't believe that this video is 14 years old.😂 it's only 4 years younger than me.
great video...simple and easy to understand....
Sir u r a god of economics
Great.....and Cool....Thankz...........
so much better than my teacher
Thanks teachers
I REALLY CAN'T THANK YOU ENOUGH !!!!!!
So cool and thx to explain it in 2 parts
This is perfect! Thanks.
Great content, however the music is very disturbing
very helpful
Thank you so much for these, sir!
but total cost is not zero when output is zero.because there is some total fixed cost (TFC) incurred on fixed factor.
How does one come up with the numbers of the additional output, accomplished through each new worker, as they seem to be the key information here? There doesn't seem to be any logic behind them. Is there a formula or should it be merely based on conclusions which others in the same area of production have reached beforehand?
Viktor Dessov The logic behind it is that it is way more productive to have two employees versus one employee. For instance, you run a restaurant but you only have one employee working for you. This one employee will need to multitask such as cashiering, cooking, washing dishes, etc and you will not have an effective operating business. However if the owner hires additional worker, he or she will contribute a lot of additional output to the business by assisting the existing employee.
amazing..
Question: The mc of prodction of smoked salmon is constant at €6 per kilo. How do we plot the marginal curve?
can really do without the rock music in the background tbh..
seriously/
I know. It's hard to concentrate -_-
i like the rock music , and if you dont , than in my opinion you dont get what makes this man successful and should watch one of the other monotone videos available. Anyone can explain economics, not anyone can keep everyone awake while doing so. Rock On
Makes a lot of sense ! Thank you
i study the intermediate microeconomic and its application for Nickolson and Snyder the problems and quizzes are soo hard can u do it please
Ur teaching is so funny and interesting 👏👏👏
thank you very much. very clear.
but how could calculate the cost if number of hours colum added + number of workers example as input and wage is the only fixed variable input
no.hours =10 no.workers =10 TP=10
how could we find the total cost and marginal output(MP) ,marginal cost and so on if this was the case. ...???
You are a life saver my man
You are the god in my world
Very clear stuff, keep it coming
can you please tell me an equation to calculate the Marginal Product (MP)??
MP = change in quantity output/change in quantity
How can you figure out what total output you should be at for maximum effectiveness?
thanks
@elander86 yeah, untill each worker doesnt have enough wooden sticks too make 100 each, or enough phosphorus for each.
@elander86 well at first you would get an increased rate in production but when you start to run out of space wouldn't you just start getting in the way?
WOW you are good- No more recording of econ lectures for meeeeeeee
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I understand that this is covered in the video but could someone plainly state what the difference between marginal cost and marginal product is? Thank you
TigerHogan Marginal product is defined as the output produced by an additional unit of labor, whereas marginal cost is the cost of the additional unit of labor.
Why does each extra worker contribute less? In a factory where they make matches for example, they just dip the little wooden sicks into phosphorous and that's it? 1 worker makes 100 day and 2 workers make 200 a day?
Thanks dude!
Fucking right, I love the energy
I don't understand how you got your total cost, did you estimate it
His total costs in this example only consists of wages, which he made to be $10 per worker. So you times $10 by the number of workers and that is your TC.
You saved me thanks!!!
I have to watch these with my eye's closed. Why do you move the camera so much?
nice
waaahhhhaha i love you. this helps so much.
My proffessor goes one chapter per class. Class in one hour and 20 minutes. I just don't go and learn from you and the book instead. The proffesor just reads the slides anyway lol
Hey thank you
you the best
so as the denominator (the tp) approaches 0, the amount that you have to pay goes up? Someone help!
why is mc calculated differently from perf comp
Come be a professor at UT!!
Why does the internet teach me better than my professors......
u're the man!
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Damn i love this guy
who is mr. clifford? uploader or some one else?
bought it love it
thank you! but i focused too much on the background music sorry, so i watched again, lol
your are a legend
Thx man!
isn't the last column withmarginal cost wrong? marginal cost= change in tc: change in quantity
here he is dividing it by marginalproduct....
He didn't!? Marginal product is the change in Total Cost divided by the change in Output or Quantity (produced) NOT Input.
you're right thanks !
wish u were my teacher economics would be soooo much more fun.