ECO 202 youtube: short-run production

What is total product?

Total product is the sum of fix sources and variable sources

what is the law of diminishing marginal return?

the law of diminishing marginal return is basically as one additional output(worker) increase eventually the total product will decrease

what is the difference between short run resources(input) and long run resources(input)?

In the short-run at least one input or resources in the production process is fixed.

what is marginal product?

Is the extra output made by one extra input

What does unit 3 covers?

It covers production cost and industry structure.

what are types of cost? expalin them.

There is 3 type of cost.

Variable cost: as total product change variable cost changes too.

Fixed cost: do not change as total product changes

Marginal cost: is the cost of extra product made by one extra input.

Table of production cost

Graph of production cost