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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