Labor Economics lecture 3 Firm production and labor demand

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=tXTfn--fJw4

[ COMPLETE VIDEO LIBRARY: http://www.halsnarr.com/snarrinstitut... ] • Long run production function (0:00), short run production function (1:27), Law of Diminishing Marginal Productivity (3:48), graphing total and marginal product of labor (5:56), short run output, expenses, revenue, and profit equations (7:20), short run profit maximization rule using graphs (10:14, 21:54), short run profit maximization rule using calculus (12:00, 21:54), short run labor demand equation (16:11), graphing the labor demand equation (17:03), shifting short run labor demand (19:15), long run cost minimization (22:40), solving long run production for K yields the isoquant (22:56), graphing isoquants (24:09, 25:02), isocost (25:53), graphing isocost (26:54), rising cost shifts isocost (28:03), rising price of K rotates isocost (29:01), rising wage rotates isocost (31:19), long run cost minimization (33:15), long run labor demand and the output effect of falling wage (38:41), scale and substitution effects (42:28), elasticity of substitution and curvature of the isoquant (45:57), application: the free market punishes firms that discriminate (47:00), application: affirmative action can work (48:06) or can put firms out of business (49:29), perfect substitutes and perfect complements in production (54:48)

#############################

New on site