Revenue, Costs and Profit Part 2

[@ProfessorTortoise]

Hello Jodi. I am a physics major in college. After my multivariable calculus class I have been doing optimization problems with Lagrange multipliers. Maximizing profit is fine but I realized the other half would be economics. So I have been getting into microeconomics. I like your videos. They are helpful in learning on my own, as I have never taken an economics course. =} I have some vids of myself teaching some multivariable calc problems. I will be uploading a business / economics applicatio

[@jodiecongirl]

@cinqueottavi In either case, Q is the quantity of stuff that the firm is producing (i.e. output).

[@JiraJoy]

Hi Jodi, THANK YOU! GOD BLESS YOU!

[@cinqueottavi]

@jodiecongirl But when you calculate the MR normally you refer to the ΔQ as labour i.e. Input.
Have a Look here:
" Micro 3.2 AP Economics Marginal Product and Marginal Cost: Econ Concepts in 60 Seconds Review "
What do you think about his calculation MR and MC?
Again Thanks

[@jamesgleeson6538]

Thankyou. Nicely explained.

[@cinqueottavi]

Question:
If we talk about MR then ΔQ is referred to the Q as input
If we talk about MC then ΔQ is referred to the Q as output
Is that right?

[@xRoNiN116]

this is very helpful thank you so much ,, and you are pretty !

[@cinqueottavi]

@jodiecongirl Got it.Many thanks again from Swiss.

[@jeeniajaman4127]

can implicit cost 0 sometimes?

[@domoniquenash3321]

Yes.

[@adnanesilan7981]

Thanks

[@jodiecongirl]

@cinqueottavi If you are calculating the change in revenue you get from one additional unit of labor, that is the "marginal revenue product of labor" or the "value of the marginal product of labor." In other words, it's different from just "marginal revenue," which is the change in revenue a firm gets from selling more unit of output.
I don't like this guy- I think his desire to be quick trumps the need to be detailed and clear. Who on earth wants somebody to go so fast when trying to learn?

[@ProfessorTortoise]

Application** lol.