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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