In this episode we introduce few important concepts. These are Production Functions, Marginal Productivity, Diminishing Marginal Productivity, Isoquant, and Marginal Rate of Technical Substitution.

It's crucial to watch lecture videos in the proper order to ensure effective learning. This is because the concepts in each video build upon those introduced in previous videos. To help you with this, I recommend visiting my website, www.selcukozyurt.com, for a recommended course outline.