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• ## Related Books

### Production Function & Firm Costs

• Marginal Product of Labor refers to the amount of product that the hiring of one additional worker will produce.
• Increasing marginal returns means that an extra worker increases the rate of production.
• Diminishing marginal returns means that an extra worker decreases the rate of production but still increases the total production.
• Negative marginal returns means than an extra worker decreases the total production.
• The different cost curves facing businesses include Average Total Cost (ATC), Average Variable Cost (AVC), Average Fixed Cost (AFC) and Marginal Cost (MC).
• When the Marginal Cost (MC) and Average Total Cost (ATC) intersect, it will always be at the minimum point of the ATC.

### Production Function & Firm Costs

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

• Intro 0:00
• Lesson Overview 0:09
• II. Product Markets 0:55
• Long Run vs. Short Run 1:46
• Production Function
• Fixed Input
• Variable Input
• Long Run
• Short Run
• Marginal Product of Labor 3:03
• Definition of Marginal Product of Labor
• Example MPL Curve
• Different Types of Marginal Returns 7:18
• Increasing Marginal Returns
• Diminishing Marginal Returns
• Negative Marginal Returns
• Was Thomas Malthus Correct? 10:59
• Thomas Malthus Prediction
• Dismal Science
• Fixed, Variable and Total Cost 12:34
• Fixed Cost
• Variable Cost
• Total Cost
• Average Cost 15:27
• Marginal Costs 22:17
• Relationship Between ATC and MC Curves 27:02
• Minimum-Cost Output
• Output Less Than Minimum-Cost Output
• Output Greater Than Minimum-Cost Output
• Just Do It, Smile and Smirk 30:09
• MC Curve
• ATC Curve
• AVC Curve
• True or False, or Uncertain? 32:57
• Example 1
• Example 2
• Short-Run Total Cost Function Example 38:19