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: Catherine Barry

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

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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.