This Resource Market, MRP and MRC video also includes:
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.
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- Learners should understand the concepts of marginal product and marginal revenue product prior to beginning video
- 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