5. Production Theory
324,217
Published 2020-07-16
Instructor: Prof. Jonathan Gruber
View the complete course: ocw.mit.edu/14-01F18
YouTube Playlist: • MIT 14.01 Principles of Microeconomic...
This video introduces the second unit of the course about producer theory. Topics include the production function, short-run production, long-run production, rates of technical substitution, returns to scale, and productivity.
License: Creative Commons BY-NC-SA
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All Comments (21)
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04:38 Variable & Fixed Inputs 05:37 Long Run vs Short Run 08:09 Short Run 09:35 - - > Marginal Product Utility 12:16 Long Run 13:31 - - > Isoquants 16:16 - - > Leontieff Graph 17:44 - - > Marginal Rate of Technical Substitution 24:40 Returns to scale 29:03 - - > Examples 31:45 Productivity 30:30 - - > Total Factor Productivity 43:58 Three Questions: 44:03 - - > IT Revolution & (lack of) Productivity Gains 45:09 - - > More Work or More Leisure? 46:21 - - > Top 1% vs Bottom 99% - Who gains?
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THANK YOU MIT FOR RECORDING AND UPLOADING THESE LECTURES HERE FREE OF CHARGE. WATCHING THESE FROM SOUTH AFRICA, BTW.
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Such a good lecture, I wish my professor was half as good as Prof. Jonathan Gruber
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Instructors with an empirical background have a wonderful way of distilling a subject. This is awesome stuff. Forever grateful for the introductory content.
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I have never understand this course before until now. This lectures from MIT are of great help to us studying economics. We are not in the class but we do understand the lectures as equal as the class. Professor Gruber is a genius. I am an M.sc Student from Nigerian Defense Academy (NDA), Kaduna, Nigeria. Am looking forward to seeing you, Prof.
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This course in now getting interesting. I must complete it.
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Production Theory test for my Public Policy Grad Micro class on Monday. THANK YOU MIT for your help!!!!!!!!! Been using your lectures all semester to supplement my learning.
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Thank you so much professor. I have clearly understood the topic of production theory. Hope to pass my MA exam with flying colours at the University of Nairobi, Kenya.
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Super helpful and complete class. Grateful for the content. Keep improving!
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These lectures are priceless. God bless MIT.
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thank you for allowing all to watch these lectures which are really really helpful and the lecturers are also very good even after paying thousands of pounds to university I have not learnt about these
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The hero I needed, Godspeed sir.
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i love Prof. Gruber's teachings, so concise and informative
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R.I.P for the chalks from his classes...8:19
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I love you sir u are a perfect professor , i even not a student of economics understand clearly
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I am from Pakistan And your teaching ability is just marvelous 👌🏼🤗...Thanks for being helping me to understand microeconomics 🙌🏼
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I propose a thesis that return of scale can be strictly increasing in areas of production that does not produce a physical product but a service that is not limited to physical resources or even manual labour.
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Did he just say "how much shit we have" at around the 40 min mark? Gotta be the coolest Prof I've ever seen.
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Thank MIT for providing this kind of lecture and free-for-all community. This is a real democratization for everyone.
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I was studying economy but here in English version..nice post..
