+
3 Tutorials that teach Output Optimization: Marginal Revenue / Marginal Cost
Take your pick:
Output Optimization: Marginal Revenue / Marginal Cost

Output Optimization: Marginal Revenue / Marginal Cost

Rating:
Rating
(0)
Author: Justin Tapp
Description:
This lesson will explain Output Optimization: Marginal Revenue / Marginal Cost
(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

25 Sophia partners guarantee credit transfer.

221 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 20 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

Source: Image of gears, public domain, http://www.clker.com/clipart-2950.html Image of total cost and total revenue curves, creative commons, http://en.wikipedia.org/wiki/File:Profit_max_total_small.svg Average and Marginal Cost graphs by Justin Tapp

Notes on "Output Optimization: Marginal Revenue / Marginal Cost"

Overview

(00:00-00:05) Intro

(00:06-00:46) Output Optimization, MR = MC

(00:47-01:24) Example of Firm's Costs Charted and Graphed

(01:25-02:15) Marginal Cost as the Slope of Total Cost

(02:16-03:02) Profit-Maximizing Point of Production Using Marginal Cost

(03:03-04:03) Determining Profit from Total Revenue and Total Cost

(04:04-07:35) Determining Profit from Average Cost Curves

(07:36-08:00) Review