production theory: cost-minimizing input choice (optimal input mix)

This videos describes how to produce a given level of output by choosing the cost-minimizing quantities of labor and capital inputs.
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[@makenziepohl2098]

Bless you, sir. My teacher has many qualities, but the ability to speak clear and understandable English is not one of them and I had no idea how to do this. Many thanks!

[@jezhibbert]

Mate, you have done better than any of lecturers, teachers or textbooks could do at explaining this

[@Dij21]

This makes a million times more sense than lecture, thank you!!

[@indrianinastika]

you really help me, sir.. you explain it better than my lecturers.. thank you very much, sir.. God bless you abundantly.. please keep making video about microeconomics and macroeconomics.. love you.

[@user-kp9lw8ff8u]

you are awesome!!! What you are explaining is really nice and clear, its better than all my profs can explain, just love it! Keep on going with the video! I am a loyal fan

[@bcp2004]

Dude, I love you!! i looked through soooooo many videos on youtube for this! you nailed it, so simple!

[@soandso2726]

Sir' you are the real mvp

[@aideelonge6804]

God Bless you!

[@008Fahim]

Nice Presentation. Post more and more.................

[@startenwirdeutsch9732]

helpful, simply great

[@matti_martinez]

Thank you! It's exactly the same what I have to know for my exam! :)

[@zbhaider747]

(a) From the production function, you can calculate that A = 1 in both 2000 and 2010, so A is unchanged. (b) Since output doubles (relative to the case in which Y = 399 in 2010) with the same amounts of capital and labor, A doubled. Suppose the production function is Y = A . Suppose in 2000, K = 1000, N = 100, and Y = 199.5. In 2010, capital, labor, and output have doubled, so K = 2000, N = 200, and Y = 399. (a) By what percentage did productivity grow from 2000 to 2010? (b) If output had risen to 798 instead of 399, and capital and labor doubled, by what percentage would productivity have grown from 2000 to 2010?

[@genevievepelow6493]

Thank you!! Extremely helpful

[@kenzachafi8303]

what happened, if we suppose we are in the short run and capital stock is fixed and cannot be changed ?

[@cliffbartlett5799]

Best channel on yt

[@TheZahirah0]

really good...understood it in one go!

[@danielsalomao9007]

Saved my life thank you

[@zaryshi]

thanks a lot for an amazing explanation

[@naomikaihirua5256]

Thank you so much. Its helpful for me

[@soulzboijunior]

incredible teacher !!! thanks

[@joelmills7575]

thank you so much, i finally understand this

[@jackblick487]

thank you so much!!!! incredible video, really helped!!

[@santiagocastillojuarez7395]

fantastic vid thx!!

[@berlinmslh2473]

awsome just a little bit problem was where you were explaining the l^-0.25 . that was a wrong one, look at it again

[@shoaibmalik1121]

Thank u so much sir.. understood it very well...but the problem is i am unable to solve a question of the same model from my book!!

[@francescarael5228]

you are awesome thank you so much

[@yapnop2]

Thank you !

[@ridammoktan4641]

Very good sir

[@danbagaporo]

Thank you so much!

[@Ayzeeification]

the MP with respect to K, is it not suppose to be L^0.75 and 0.25K^-0.75 ? am i missing something ?

[@Me-ji2pn]

Yes that is true but It doesn't matter where you put the .25. He just put it at the front of the expression.

[@iradukundax]

thank you so much!!! i get it now

[@thePrahoable]

Can you help me my lecturer tells me that to minimize cost after plugging into production function, solve for x1 and x2 and then plug in the Total cost function the values of x1* and x2* (TC=w1x1 + w2x2)

[@nurdidagendilangalen2908]

holy shit, I love you.

[@ivanr1261]

thank you!

[@drew1006]

thank you

[@joesr31]

What if I'm given L but trying to find output?

[@ashwinkshukla2595]

Super

[@emilymcgee3683]

In my book it says that r = the interest rate... is this just incorrect or what is happened here

[@jeffyjan]

r can be anything. An interest rate is usually represented by r, that does not mean r is always an interest rate. Treat r like any letter with some representation we give to it. As in we say, Let x is for age, let y is for income, let r is revenue etc. Hope you understand.

[@awindaphilip]

Is this with a fixed input or not?

[@EconomicsinManyLessons]

This problem assumes that all inputs can be varied (i.e., none of the inputs are fixed, including capital), so the firm is able to choose any desired level of L and K. Here's an example of a problem with a fixed input: kzbin.info/www/bejne/Y3ecgmWinbOirZY

[@awindaphilip]

Thank you , i'm still new to this.

[@sdlock83]

Bad choice of example production function. Should've used a linear production function instead to simplify things.

[@EconomicsinManyLessons]

kzbin.info/www/bejne/oKLKomCil7JmgbM

[@christopherhall4125]

On be have all Econ students, professor STOP using easy problems. THEY DO NOT HELP! My professor us this some type of problem were equaled 100 was capital and labor.