Principles of Economics: Microeconomics - The Marginal Product of Labor

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11.5 hours of video
Certificate of completion
Access on mobile and TV

Summary

Keywords

Marginal Cost Marginal Product Of Labor Microeconomics (Field Of Study) Wage (Quotation Subject) human capital Labor Unions In The United States (Literature Subject) Labor market labor supply curve

Full Transcript

In this video on the marginal product of labor, we discuss some commons questions such as: How are wages determined? Why do most Americans earn so much by global standards? What exactly is meant by ‘human capital’? Do labor unions help workers, and if so, by how much? How does discrimination affect labor markets? How is the demand for labor different than the demand for a good? We’ll discuss how to derive the demand for labor based on the marginal product of labor, and use real-world examples — such as the demand for janitors in a fast food restaurant — to illustrate this calculation. We’ll also cover an individual’s labor supply curve vs. market supply of labor. Microeconomics Course: http://bit.ly/20VablY Next video: http://bit.ly/21Zs6u9 Help us caption & translate this video! http://amara.org/v/GZRc/

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