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Intro to short-run constraints and their effect on production
📝 My Notes
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Intro to short-run constraints and their effect on production
3:06
About this lesson
- A short time period
- Capital is fixed
- Only labour, raw materials, etc. can be changed
- Short-run decisions can easily change
- Increasing output in the short-run
Key Moments
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Video 1 of 18
Intro to short-run constraints and their effect on production
3 min
• Selected
Total product, marginal product, and average product curves explained
11 min
Law of Diminishing Returns for marginal and average product
4 min
Maximizing average product using the AP and MP intersection
5 min
Plotting the total product curve from a labor-output table
3 min
Calculating and graphing the marginal product curve
5 min
Calculating and graphing the average product curve
6 min
Plotting the total product curve from a candy production table
2 min
Graphing the marginal product curve from a data table
4 min
Calculating and graphing the average product curve
6 min
Finding the labor range with increased specialization using marginal product
1 min
Finding the range of labor with decreasing marginal product
1 min
Finding the range of labor with diminishing MP and increasing AP
2 min
Finding the labor unit where average product is maximized
1 min
Finding the range of increased specialization from the marginal product curve
1 min
Finding the range of labor where marginal product is decreasing
1 min
Finding the range where diminishing MP and increasing AP overlap
2 min
Finding where the average product curve is maximized
1 min