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Profit-maximizing quantity of output- reached when marginal costs and mariganl 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-the extra revenue a business receives from production and sale of one additional unit of output

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Total revenue-all the revenue that business receives

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Marginal Analysis and Profit Maximization 

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Marginal Analysis and Profit Maximization 

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The marginal revenue is compared to marginal cost to find the optimal level of production

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break-even point-when a business can find the level of production that generates just enough revenue to cover its total operating costs.

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E-commerce- an electronic business conducted over Internet

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The types of cost

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The types of cost a firm faces may affect the way it operates

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The

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

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

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Total product-the total output produced by the firm

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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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Because businesses want to produce efficiently, they must keep an eye on their costs

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Marginal product-the extra output or change in total product caused by adding one more unit of variable input

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Stage 1-Increasing Marginal Returns

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Stage 2 of production-the total production keeps growing, but it does so by smaller and smaller amounts
Diminishing returns-the stage where output increases at a diminishing rate as more variable inputs are added

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Stage 3 of production-where the marginal product of additional workers are negative

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Stages of production-increasing returns, diminishing returns, and negative

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

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Total cost-which is the sum of the fixed and variable costs