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Micro: Unit 3.2 -- Production Costs

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: Define accounting costs and accounting profits (explicit costs) Define economic costs and economic profits (explicit costs + implicit costs) Define total cost, variable cost, and fixed cost, and marginal cost Practice calculating the total cost, variable cost, fixed cost, and marginal cost for the firm Practice calculating the average fixed, average variable, and average total costs for the firm at different levels of output Define marginal cost and use data provided to calculate the marginal revenue and marginal cost Discuss the relationship between marginal cost and marginal product Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/P... Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram --   / youwillloveh.  . Facebook --   / youwilllovehi.  . Subscribe to our YouTube Channel:    / youwillloveeconomics   Check out our website for teaching tips and insight from us- https://sites.google.com/view/you-wil...