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19. Short Run Production, Marginal and Average Product

This video describes the key components of short run production: marginal and average product. In particular, I give reasons for (1) why MP and AP are typically inverse-U shaped, and (2) why MP intersects AP at AP's maximum. There is also a more general discussion of the relationship of average to marginal. For a list of videos and links to these videos (organized by topic), check out the Intromediate Microeconomics video web page: http://blog.thisyoungeconomist.com/p/learn-microeconomics.html
Length: 08:05

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