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3 Tutorials that teach Output Optimization: Marginal Revenue / Marginal Cost
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Output Optimization: Marginal Revenue / Marginal Cost

Output Optimization: Marginal Revenue / Marginal Cost

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Author: Justin Tapp
Description:
This lesson will explain Output Optimization: Marginal Revenue / Marginal Cost
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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