The short-run production function describes the relationship between output and inputs when …
The short-run production function describes the relationship between output and inputs when at least one input is fixed, such as out output varies based on the amount of labor used. We can use this production function to find the total product of labor, the marginal product of labor, and the average product of labor.
One of the most practical applications of price elasticity of demand is …
One of the most practical applications of price elasticity of demand is its relationship to total revenue. A seller who knows the price elasticity of demand for their good can make better decisions about what happens if they raise or lower the price of their good. Explore the relationship between total revenue and elasticity in this video. Created by Sal Khan.
When governments impose restrictions on international trade, this affects the domestic price …
When governments impose restrictions on international trade, this affects the domestic price of the good and reduces total surplus. One such imposition is a tariff (a tax on imported or exported goods and services). See how a tariff impacts price, consumer surplus, producer surplus, tax revenue, and deadweight loss in this video.
The tragedy of the commons occurs when goods are rival but not …
The tragedy of the commons occurs when goods are rival but not excludable. In this video, we explore the intuition, and consequences, behind such goods. Created by Sal Khan.
In imperfect competition, firms have some control over the price they charge, …
In imperfect competition, firms have some control over the price they charge, so the individual firm's demand curve is not horizontal. Learn how that fact also changes the marginal revenue curve in this video.
In real estate transactions there are typically several kinds of escrow accounts. …
In real estate transactions there are typically several kinds of escrow accounts. Explore some of th different escrow real estate accounts in this video.
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