Micro 5.4 Resource Market, MRP and MRC: Econ Concepts in 60 Seconds- Factor Market

[jior6]

I once was an economist, but then I took an arrow to the knee.

[CenterValentine]

Very helpful thank you!

[kitcat5643]

This is really helpful and easy to understand! Thanks so much! :)

[shahinakef86]

this video really helped me,,,smart methodology for teaching ,,,thX

[markmkruger]

Great videos, incredibly helpful, even for tertiary level. Thankyou!!!



[bls09d]

you literally should be teacher of the year for the NATION. I am in college and you are one of the best teachers I have seen in person, online, etc.

[NateTheGreat555]

Good stuff. Now if only I could piece this together with least cost/profit maximizing rules. I assume they're all interlinked somehow.

[loopo455]

Wow yeah this was probably the most helpful video ive ever watched. What ive been unable to learn in 3 weeks in econ i leanred literally in 2 mins. Thanks so much

[SuperLovechu]

You are brilliant!!!! After watching this video, my brain go "click"! Thank you so much Mr. Clifford!!!!!

[Samulise]

Brilliantly concise.

Great to use to revise since I'm too lazy to get up and read a book >_>

[0v3rs0und]

thank you! i was so confused about this up until today :D

thank you THANK YOU!

[1BigPapiRay]

Great help!

[martianwho]

Why number 3 and not number 2 or 1?

[ACDCLeadership]

Yes. You hire three workers to maximize profit. You don't hire only two because you can make more profit from hiring the third worker. You don't hire the fourth because you would make less profit.

[martianwho]

Thanks - perfect timing for my Chapter test. :) Thank you.

[mazza5150]

@ACDCLeadership hey this is my first time looking at ur videos and they look great.slightly confused though.surely if you only hire 2workers you would make $50? whereas by hiring 3workers your Now only making $20?

[cslyman1]

@mazza5150 That is because of the law of diminishing marginal returns. This is just an example but maybe the pizza shop doesn't have enough ovens for more workers... Or not enough stations to make pizza or whatever. It's just an example. Mr Clifford knows his shit;)

[junaidali44]

@mazza5150 Its not about Profit it about the amount of labour you hire (maximise output)

[TheWBarry]

quick and simple!

[SageLovesu26]

this helped me a bunch, thanks!