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3 Tutorials that teach Cost and Benefit Optimization for Producers
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Cost and Benefit Optimization for Producers

Cost and Benefit Optimization for Producers

Author: Justin Tapp

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

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Terms to Know

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.