Published on 18 Mar 2015
A company in a competitive environment does not control prices. So the key to maximizing profit is choosing how much to produce. To do that, we need to factor in the costs involved in production. So what exactly are the costs? How do these costs influence how you maximize profit? And, remember, if you want to think like an economist, you must factor in opportunity cost!
In this video, we define profit, including how to calculate total revenue and total cost. We also go over fixed costs, variable costs, marginal revenue, and marginal cost.
October 19, 2015
Maximizing Profit under Competition
Comments Off on Maximizing Profit under Competition
No Comments
No comments yet.
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.
