(M6E2) [Microeconomics] Production Functions

In this episode we introduce few important concepts. These are Production Functions, Marginal Productivity, Diminishing Marginal Productivity, Isoquant, and Marginal Rate of Technical Substitution.
It's crucial to watch lecture videos in the proper order to ensure effective learning. This is because the concepts in each video build upon those introduced in previous videos. To help you with this, I recommend visiting my website, www.selcukozyurt.com, for a recommended course outline.

[@gizemkahraman-h1f]

Hocam cok iyisiniz, ilk izlerken turk oldugunuzu bilmiyorduk hiç anlayamadigimiz bir konuyu bize çok kısa surede anlattınız. tam diyorduk ki ne güzel anlattı bir baktık turkmussunuz :)) Boyle öğretmenler herkese lazım çok teşekkürler, kolay gelsin.

[@economicsforall3094]

Your lectures are really very good and helpful

[@rxsieexxx]

Your lectures are literally the best sir!!! It is really saving my life at this point haha :D You helped me understand something that my prof hasnt been able to for the whole semester haha thank you so much!!!

[@joahgowergew]

Why is K on the x axis. I thought in long run both are variable so should it have labour and capital on the x axis ?

[@OWAISMAJAH]

what are the books that is being consulted for macroeconomics? plz answer

[@weijingao3321]

So helpful!!!

[@im____7903]

MRTS = MPL/MPk
It is not MPk/MPL

[@selcukozyurt]

Good point and a common (possibly unimportant) mistake: when K is on horizontal axis and L is on the vertical axis, then MRTS is minus MPk/MPL. If you change the axes (i.e., horizontal is L and vertical is K), then what you say is true. Bottom line: both MRTS are correct, but problem may arise when you set MRTS equal to input price ratio. At this point, you have to be careful about which price goes to denominator. If your MRTS puts K on denominator, then price of capital must also go into denominator. Hope that clears all.

[@im____7903]

@@selcukozyurt Thanks sir..

[@Jimothy-723]

@@selcukozyurt
frigging what?