Young economists practice calculating the number of workers a firm should hire in a perfectly competitive labor market to maximize profit, as well as the given output of a perfectly competitive product market.

Additional Tags

marginal revenue product, marginal product, social studies

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Classroom Considerations

• Learners should understand the concepts of marginal product and marginal revenue product prior to beginning video

• This video is hosted on YouTube

Pros

• Instructor in video prompts viewers to practice completing sample problems, and then explains the solutions to those problems
• Uses hypothetical scenario and graphing on a whiteboard to explain answers

Cons

• None

Common Core

RH.11-12.2 RH.11-12.4