Types of cost, revenue and profit, short-run and long-run production

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The short-run production function

This video explains how the short-run production function calculates output and the difference between fixed and variable factors of production.

The short-run production function: total product, average product and marginal product

This video explans how total product, average product and marginal product are determined and how to graph total product (TP), average product (AP) and marginal product (MP).

The law of diminishing returns

This video explains the law of diminishing returns (the law of variable proportions).

Fixed cost, variable cost, marginal cost and average cost

This video explains the difference between fixed and variable costs, how to calculate marginal and average costs and how marginal and average costs change with output.

Graphing marginal and average cost

This video will teach you how to graph marginal and average costs and how marginal costs affect average costs.

Graphing fixed cost, variable cost and total cost

This video will teach you how to calculate total cost given simple fixed and variable cost data and how to graph fixed cost, variable cost and total cost.

Graphing AFC, AVC, ATC and MC

This video explains how to calculate average cost data and how to graph average fixed cost, average variable cost, average total cost and marginal cost.

Explaining the shape of the SRAC curve

This video explains the shape of the SRAC curve.

The long-run production function

This video explains the differences between the short run and long run production functions.

Returns to scale

This video explains the concept of returns to scale.

Introduction to the long-run cost function and the LRAC

This video explains the long-run cost function and provides an introduction to the shape of the long-run average cost curve.

Economies of scale and the LRAC curve

This video explains the meaning of economies of scale, the relationship between economies of scale and the long run average cost curve and the different internal economies and diseconomies of scale.

External economies of scale

This video explains how external economies and diseconomies of scale affect a firm’s long run average costs.

Total revenue, average revenue and marginal revenue

This video explains how to calculate total revenue, average revenue and marginal revenue and how to graph total revenue, average revenue and marginal revenue for firms in imperfectly competitive markets.

Normal vs supernormal profits

This video discusses the difference between accounting profit and economic profit, why economists consider implicit costs and explicits costs in profit calculations and how normal and supernormal (abnormal) profit differ.

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