Micro: Unit 3.1 -- Marginal Product and Diminishing Returns
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Define inputs and output
Explain how inputs lead to costs and output generates revenue
Define terms related to output, including total product, average product, and marginal
product
Practice calculating the average product and marginal product of the firm
Practice graphing the average product and marginal product curves
Define the law of diminishing marginal returns
Define the three stages of returns (increasing returns, decreasing returns, and negative
returns)
Identify the three stages of returns on a marginal product (MP) curve
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