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profit- maximizing quantity of output - when marginal cost and marginal revenue are equal

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marginal analysis - a type of decision making that compares the extra benefits of an action to the extra costs of taking the action

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marginal revenue - extra revenue a business receives from the production and sale of one additional unit of output

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total revenue - all the revenue that a business recieve

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Marginal Analysis and Profit Maximization

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Marginal Analysis and Profit Maximization

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break-even point - level of production that generates just enough revenue to cover its total operating cost

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e-commerce - an electronic business conducted over the internet

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marginal cost - the extra cost incurred when producing one more unit of output

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total cost - the sum of the fixed and variable costs

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variable cost - costs that change when the business's rate of operation or output changes

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fixed costs - the costs that an organization incurs even if there is little or no activity
overhead - total fixed costs

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Cost , Revenue , and , Profit Maximization

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Cost , Revenue , and , Profit Maximization

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diminishing returns - the stage where output increases at a diminishing rate as more variable inputs are added

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marginal product - the extra output or change in total product caused by adding one more unit of variable input
state of production - increasing returns , diminishing returns , and negative returns

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total product - the total output produced by the firm

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short run - a period so brief that only the amount of the variable input can be changed
long run - a period long enough for the firm to adjust the quantities of all productive resources include , including capital

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product function - a figure that shows how total output changes when the amount of a single variable input (usually labor) changes while all other inputs are held constant