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Micro: Unit 3.1 -- Marginal Product and Diminishing Returns

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: - Define inputs and output - Explain how inputs lead to costs and output generates revenue - Define terms related to output, including total product, average product, and marginal product - Practice calculating the average product and marginal product of the firm - Practice graphing the average product and marginal product curves - Define the law of diminishing marginal returns - Define the three stages of returns (increasing returns, decreasing returns, and negative returns) - Identify the three stages of returns on a marginal product (MP) curve Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/P... Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram --   / youwillloveh.  . Facebook --   / youwilllovehi.  . Subscribe to our YouTube Channel:    / youwillloveeconomics   Check out our website for teaching tips and insight from us- https://sites.google.com/view/you-wil...