Some mistakes in Economics handouts:
There is a typing mistake in lecture 14 of ECO401 handouts.
The corrected lines in lecture 14 handouts of ECO401 are as under:
If MPPL > MPPK
PL PK
More labor should be used relative to capital, since the firm is getting a greater physical return for its money from using extra workers than it is getting from using extra capital. However as more and more labor is used, diminishing returns to labor set in. Thus MPPL will fall. Likewise, as less capital is used, MPPK will rise. Until
MPPK = MPPL
PK PL
Dear Students of ECO401! There is a typing mistake in lecture 17 of ECO401 handouts. The corrected material in lecture 17 handouts of ECO401 is as under:
MR & MC APPROACH
According to this approach, profit is maximized at the point where MC=MR. In this table, profit is maximized at quantity of 3 where MR=MC=4 (See the graph discussed in video lecture 17 or PPT # 14 of lecture 17)
Download the uploaded file for table correction in Lecture 17
Correct file
MR & MC APPROACH
According to this approach, profit is maximized at the point where MC=MR. In this
table, profit is maximized at quantity of 3 where MR=MC=4 (See the graph discussed in
video lecture 17 or PPT # 14 of lecture 17)
There is a typing mistake in lecture 14 of ECO401 handouts. The corrected lines in
lecture 14 handouts of ECO401 are as under:
If MPP
L
> MPP
K
P
L
P
K
More labor should be used relative to capital, since the firm is getting a greater physical
return for its money from using extra workers than it is getting from using extra capital.
However as more and more labor is used, diminishing returns to labor set in. Thus MPPL
will fall. Likewise, as less capital is used, MPPK will rise. Until
MPP
K
= MPP
L
P
K
P
L
Dear Students of ECO401!
There is a typing mistake in lecture 17 of ECO401 handouts. The corrected material
There is a typing mistake in lecture 14 of ECO401 handouts. The corrected lines in
lecture 14 handouts of ECO401 are as under:
If MPP
L
> MPP
K
P
L
P
K
More labor should be used relative to capital, since the firm is getting a greater physical
return for its money from using extra workers than it is getting from using extra capital.
However as more and more labor is used, diminishing returns to labor set in. Thus MPPL
will fall. Likewise, as less capital is used, MPPK will rise. Until
MPP
K
= MPP
L
P
K
P
L
Dear Students of ECO401!
There is a typing mistake in lecture 17 of ECO401 handouts. The corrected material
There is a typing mistake in lecture 14 of ECO401 handouts. The corrected lines in
lecture 14 handouts of ECO401 are as under:
If MPP
L
> MPP
K
P
L
P
K
More labor should be used relative to capital, since the firm is getting a greater physical
return for its money from using extra workers than it is getting from using extra capital.
However as more and more labor is used, diminishing returns to labor set in. Thus MPPL
will fall. Likewise, as less capital is used, MPPK will rise. Until
MPP
K
= MPP
L
P
K
P
L
Dear Students of ECO401!
There is a typing mistake in lecture 17 of ECO401 handouts. The corrected material
There is a typing mistake in lecture 14 of ECO401 handouts. The corrected lines in
lecture 14 handouts of ECO401 are as under:
If MPP
L
> MPP
K
P
L
P
K
More labor should be used relative to capital, since the firm is getting a greater physical
return for its money from using extra workers than it is getting from using extra capital.
However as more and more labor is used, diminishing returns to labor set in. Thus MPPL
will fall. Likewise, as less capital is used, MPPK will rise. Until
MPP
K
= MPP
L
P
K
P
L
Dear Students of ECO401!
There is a typing mistake in lecture 17 of ECO401 handouts. The corrected material