Institute for New Economic Thinking
Early Childhood Inequality
James J. Heckman - Summer School on Socioeconomic Inequality, Chicago 2012. The summer school is designed to provide graduate students with an exposure to state-of-the-art research on the nature and determinants of inequality.
Curated Video
Understanding Short-Run Costs in Economics
In this video, the topic of short-run costs is explored, specifically the distinction between short run and long run and its implications on costs. The video explains the specific definitions applied by economists to time frames,...
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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
2010 FRQ #2- Resource Market and Firm
Join the hundreds of thousands of students that have used Mr. Clifford's videos and resources to ace your microeconomics course.
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Micro 5.4 Resource Market, MRP and MRC: Econ Concepts in 60 Seconds- Factor Market
Mr. Clifford's 60 second explanation of how to calculate Marginal Revenue Product (MRP) and Marginal Resource Cost (MRC). Remember that you hire workers where MRP = MRC to maximize profit.
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Micro Unit 5, Question 8- Hiring Workers
Join the hundreds of thousands of students that have used Mr. Clifford's videos and resources to ace your microeconomics course.
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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.
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Diminishing Marginal Returns- High School Version
This video covers the following topics: -Fixed resources -Variable resources -Specialization -The law of diminishing marginal returns -The three stages of returns
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Short-Run Cost Curves (Part 3)- Micro Topic 3.2
In this video I explain why MC decreases and then increases and why the MC hits ATC at the minimum point of the ATC curve. Very exciting stuff!
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Marginal Product and Marginal Cost Review
In this video I explain the relationship between marginal product and marginal cost. The bonus round explains a numeric example that shows that MP and MC are mirror images of each other.
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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
Jacob Clifford
Resource Market, MRP and MRC
Young economists practice calculating the number of workers a firm should hire in a perfectly competitive labor market to maximize profit, as well as the given output of a perfectly competitive product market.