Summary
Full Transcript
The objective of a firm: to maximize profit 1:14 Explicit vs implicit costs 2:59 Investments are not costs 7:24 Economic profit vs accounting profit 12:14 The production function 15:00 Marginal product 23:19 The law of diminishing marginal product 25:18 From the production function to the total cost curve 32:33 Fixed cost 43:34 Variable cost 45:03 Average fixed cost 47:04 Average variable cost 48:29 Average total cost 49:39 Marginal cost 50:57 The efficient scale of the firm 59:59 The relationship between marginal cost and average cost 1:00:50 Typical cost curves 1:03:09 The difference between the short-run and the long-run 1:06:54 Long-run average total cost 1:08:40 Economies and diseconomies of scale 1:15:37
Continue this lesson in the app
Install CourseHive on Android or iOS to keep learning while you move.
