Law of Diminishing Returns | Short Run Laws of Production

Managerial Economics; Management;

Law of Diminishing Returns | Short Run Laws of Production ;

Introduction 00:00:00- 00:00:19

Understanding the Concept of Cost 00:00:20- 00:11:22
*What is a cost?
*Relation between production and cost
*How does resource utilization influence marginal productivity and cost of production per unit?
*How to calculate marginal product?

Short Run Laws of Production

The Law of Diminishing Returns 00:11:23- 00:28:56
*What is the law of diminishing marginal returns?
*What are the assumptions of the law?
- Labor is the variable input and homogenous
- Other inputs are constant
*Three types of productivity mentioned in the law
- Total productivity
-Marginal productivity
- Average productivity
*What are these types and how to calculate them?
*The three stages in the law
- Stage of increasing returns
- Stage of diminishing returns
- Stage of negative returns
*How are the stages categorized?
*Relation between total productivity and marginal productivity in each of the three stages
*How to graphically represent the law of diminishing returns?
*The effect of total productivity, marginal productivity and average productivity on the curve
*What are the conclusions that can be drawn from the curves?
*Factors influencing productivity
- Indivisibility of fixed factor
-Division and specialization of labor

Conclusion 00:28:57- 00:29:Econ10

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[AbhishekKumar-bxw]

The way of teaching is far better than many others who are teaching economics, especially the sequence of objective is awesome and also for the graphs. Thanks for the video.

[aayushkumar]

Thanks so much maim best explanation ever

[aayushkumar]

I have to spay the same amount to every employee means?

[netexams]

nice explanation but u could make video short.