Online College Courses for Credit

3 Tutorials that teach Cost and Benefit Optimization for Consumers
Take your pick:
Cost and Benefit Optimization for Consumers

Cost and Benefit Optimization for Consumers

Author: Justin Tapp

This lesson will explain the economic idea of cost and benefit optimization for consumers.

See More
Fast, Free College Credit

Developing Effective Teams

Let's Ride
*No strings attached. This college course is 100% free and is worth 1 semester credit.

29 Sophia partners guarantee credit transfer.

311 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 27 of Sophia’s online courses. Many different colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Terms to Know

An element that interrupts production of a firm or consumption by individuals.

Consumer Optimization

Maximization of consumer utility within the parameters of household income and price of goods or services.

Marginal Benefit

Amount of utility gained by consuming an additional single unit of product.

Marginal Cost

Additional cost incurred when producing one additional product.

Utility Maximization

Achieving the highest amount of satisfaction (utility) subject to an individual's budget constraint.