ACDC Leadership
The Push-Up Machine - Labor Market Activity
This is a great activity to simulate the labor market and show how a business decides how many workers to hire. Watch the video and see if you can figure out the following: 1. How many workers should be hired to maximize profit? 2. What...
ACDC Leadership
Law of Diminishing Marginal Returns (Old Version): Econ Concepts in 60 Seconds Microeconomics
In this video I explain production and the law of diminishing marginal returns. The bonus round shows the graph for total product and marginal product as well as the three stages of production.
ACDC Leadership
Diminishing Returns and the Production Function- Micro Topic 3.1
I explain the idea of fixed resources and the law of diminishing marginal returns. I also discuss how to calculate marginal product and identify the three stages of returs: increasing, decreasing, and negative returns