Marginal, Total and Average Products (CFA Video)
Marginal, Total and Average Products (CFA Video)
Question:
How
does the output vary as the inputs change?
Method:
Fix
all inputs but one of them e.g. labor
Product of labor (partial derivative)
Answer:
|
|
|
Marginal
Product:
Additional
output per unit of an additional input
Total
Product:
Total
output for the given units of input
Average
Product:
Average output for the given units of input
|
Input (Labor) |
Output (# of Good
Sold per day) |
||
|
# of workers |
Total Product |
Marginal Product |
Average Product |
|
1 |
10 |
10 |
10.0 |
|
2 |
30 |
20 |
15.0 |
|
3 |
46 |
16 |
15.3 |
|
4 |
54 |
8 |
13.5 |
|
5 |
58 |
4 |
11.6 |
|
6 |
59 |
1 |
9.8 |
thank you very much!!!
Can you please explain Kinked Demnd curve,Monospony Labor Market,Why Supply curver brcome Marginal Cost and Supply of Labor.
I have no background in Finance.Taht’s why I NEED MORE HELP THEN OTHERS,IF IT’S OK WITH YOU.
These videos are helping me a lot to understand.
Hi Editor:
Please help me understand deifference between Economic Rent AND Oppurtunity Costs.
Best Regards,
Bharati
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