Micro: Unit 3.2 -- Production Costs
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Define accounting costs and accounting profits (explicit costs)
Define economic costs and economic profits (explicit costs + implicit costs)
Define total cost, variable cost, and fixed cost, and marginal cost
Practice calculating the total cost, variable cost, fixed cost, and marginal cost for the firm
Practice calculating the average fixed, average variable, and average total costs for the firm
at different levels of output
Define marginal cost and use data provided to calculate the marginal revenue and
marginal cost
Discuss the relationship between marginal cost and marginal product
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