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

Cost and Benefit Optimization for Producers

Author: Justin Tapp
Description:

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

(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

27 Sophia partners guarantee credit transfer.

245 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 21 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial
Terms to Know
  • Constraints

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

  • Marginal Cost

    Additional cost incurred when producing one additional product.

  • Marginal Revenue

    The additional revenue resulting from the increase of product sales by one unit.

  • Producer Optimization

    Achieving maximum profitability through revenue maximization and cost minimization.

  • Profit Maximization

    Procedure of determining quantity and cost that yields the greatest profit.