Please could you create a playlist for Labour Market? I like playlists of topics better. They're more organised and I can go with the flow. I'd appreciate it. Thanks for the video.
I am not sure. But I believe you need to view MPL not as a Average of products made, but more of a floating not "SET" average or amount of something, so as he said, it might be 3, that could be because the extra worker isn't specialized in that specific work therefore, he can't produce more than 3. if that makes sense xD
Actually, in case you don't want to read academic literature, Khan Academy has a video called "A monopsonistic market for labor", which is dealing with the perfectly imperfectly competitive situation. Here you will clearly see that the firm ends up paying the workers less than they can afford to, so there is room for bargaining.
In case this is not clear to you, the video "Monopsony employers and minimum wages" also by Khan Academy explains it well. You can think of a union demanding a particular wage as analogous to a minimum wage for simplicity. Sorry for going a little crazy on this topic - it made me think ;)
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At 2:25, shouldn't the second MPL(when going from 1 to 2 units of labor) be 6-2 = 4 ?
That's what I thought... marginal is different from average
true
exactly！
yup
That’s what I thought
Am i the only one who got confused due to MPL being 3 insted of 4 ????
But great work by khan Academy 👌🏻❤️
It should be 4 right?
@@suryansh8069 Yeah, sure. It is 4
Please could you create a playlist for Labour Market? I like playlists of topics better. They're more organised and I can go with the flow.
I'd appreciate it. Thanks for the video.
On the first table of the Marginal Product of Labor, shouldn't the MPL of the second Labor unit be 4 since production jumps from 2 to 6?
I am not sure. But I believe you need to view MPL not as a Average of products made, but more of a floating not "SET" average or amount of something, so as he said, it might be 3, that could be because the extra worker isn't specialized in that specific work therefore, he can't produce more than 3. if that makes sense xD
I also believe it should be 4 instead of 3.
Thought the same
I was searching for this every where and when you uploaded it I’m so thankful
Omg army
Hi armyy
6-2=4
Thanks a lot for the video
so why people complain about their jobs not paying enough and unionized to bargain better wages when the markets dictate their price?
Because real markets are not perfectly competitive
Look up wage determination in oligopolies/oligopsonies and/or bargaining theory if you are interested
Search for "Wage determination and imperfect competition" by Alison L. Booth for a good review
Actually, in case you don't want to read academic literature, Khan Academy has a video called "A monopsonistic market for labor", which is dealing with the perfectly imperfectly competitive situation. Here you will clearly see that the firm ends up paying the workers less than they can afford to, so there is room for bargaining.
In case this is not clear to you, the video "Monopsony employers and minimum wages" also by Khan Academy explains it well. You can think of a union demanding a particular wage as analogous to a minimum wage for simplicity. Sorry for going a little crazy on this topic - it made me think ;)
GREAT WORK BY KHAN ACADEMY
Great job by great person on this earth
HIGH QUALITY
Thankyou sir 💜
anyone else wondering how he drew the lines so straight in the top right table??
by pressing shift
Who's this 'empty brain' thumbed down???;) coz after listening Salman khan, how one can do this?? Well, as Always... Sal is best!!!
4?
Like izara
increible!!
2:35
Supposed to be 4 dude...
Hey
Pls can u explain what labour market model mean?
Hey
yeaa
yea
📝😶
Kow
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