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\nProfit and its Maximization in Economics\n

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\nThe video provides an introduction on the concept of profit and distinguishes between accounting profit and economic profit. It explains how businesses generate revenue from producing goods and services and how they calculate their...\nThe video provides an introduction on the concept of profit and distinguishes between accounting profit and economic profit. It explains how businesses generate revenue from producing goods and services and how they calculate their production costs. The video also shows how profit is represented diagrammatically, using the total cost curve and the total revenue curve to create the profit function. The profit maximization point is discussed and how firms achieve supernormal profit or economic losses.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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14:51
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" href=\"/subscription/new\">Video Transcript\n
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Concepts

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economics, revenue, profit, cost
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Additional Tags

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a-level, lectures, micro, production, costs, 5.5b, total cost, increase output, average cost, simplicity purposes, red line, economic loss, decrease output, marginal cost, accounting profit, economic profit, normal profit, sales revenue, total revenue, marginal revenue, green line, production costs, economic costs, output ranges, quantity produced, average revenue, profit function, profit position, change output, profit situation, average, output, level
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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Educator Ratings

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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Profit and its Maximization in Economics\" href=\"/subscription/new\">\"Profit\n\n
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