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Economics

Production, costs, and profit

Connect production decisions to costs, revenue, and profit.

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Where this chapter sits in the course

Lessons

Chapter 6 of 18 · 6 short lessons · 24 min
  1. 1Fixed and variable costs3 min
  2. 2Average and marginal cost4 min
  3. 3Economic and accounting profit4 min
  4. 4Diminishing marginal returns4 min
  5. 5Economies of scale3 min
  6. 6Challenge: Production, costs, and profit6 min

What you'll learn

  • Calculate relevant costs and economic profit
  • Explain diminishing returns
  • Identify changes in costs as production scales

Your plan from this chapter

It follows the course from here, at your pace, with reviews before you forget.

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