Profit Maximization
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- Опубликовано: 1 авг 2024
- This video shows how to maximize profit, and it derives the condition under which profit is maximized.
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By Jodi Beggs - Economists Do It With Models
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Hello, very helpfull. Would you help me out with the following: how do I calculate the price that maximizes profits, assuming Quantity = 360-60P, and the cost per unit is $1.6? Thanks!
Hi Jodie,
Is this applicable to a service business?
To be perfectly thorough you'd have to check the profit at the end points of the interval as well as at the critical points in the middle; i.e. where d[Profit]/dq = 0. In other words, it might be the case that absolute maximum profit occurs for the very first unit produced or for the very last. You don't know until you check. Besides, I find the idea of one - and - done very appealing for some reason.
thanks so much
Suppose you are considering growing and selling maize and you are operating within a competitive market with no influence over price. Assume the current price of maize $70 per 100 kg and the short run cost function, where Q represents bags of maize per year is:
TC = 800 + 16Q + Q2
What is the profit maximizing output?
Calculate the profit for the output you got in (a) above?
Based on the rule that a firm should produce only if it covers its variable costs of production, what quantity should be produced to cover variable costs?
How much are the fixed costs of this business? need help with is
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+Danny Gilbert Hello, in a monopoly, what's the difference between equilibrium quantity and profit-maximization quantity? Or are they the same? Thanks
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Thanks maam❤
is there a vid for economic cost?
Thank you
Great video! I have a question on your graph. Why would a firm produce 3 units for the same profit, if they can produce 2 units for a higher revenue. To me, "Why not?" doesn't sound right if I'm losing revenue for no profit. Are there other factors that would make a production of 3 units a better choice? Are 3 units made just to satisfy more consumers? I feel like I'm missing something.
You explain it way better than my econ professor. maybe it's because he does PPT... lol
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I dont get the very last part. It seems that you were saying the partial derivatives of TR, and TC were just equal to MR and MC. I would like it if you did a calculus version of the last part of the video using functions.
+Screenin' on Streamin' I'll do my best to explain it here....
If you take the dervivative of Profit and set it equal to 0, you can find the profit maximizing Q & P
If Profit = TR - TC then d/dq [Profit] = d/dq [TR - TC] = d/dq [TR] -d/dq [TC]
Note that d/dq[TR] is MR & d/dq[TC] is MC
So setting the derivative of the profit function equal to zero is the same as setting MR-MC=0 then add MC to both sides you get MR=MC
Example: P = 20 - Q (demand equation, and average revenue) and C = 5 + Q^1.3 (average total cost)
TR = P*Q = (20 - Q)*Q = 20Q - Q^2
MR = d/dQ [TR] = d/dQ [ 20Q - Q^2] = 20 - 2Q
TC = C*Q = (5 + Q^1.3)*Q = 5Q + Q^2.3
MC = d/dQ [TC] = d/dQ [ 5Q + Q^2.3] = 5+2.3Q^1.3
So now you can see that you can either take the TR equation - TC equation, differentiate that and set it equal to zero; or you can set MR=MC (which are both derivatives of TR and TC respectively), and in either case you will get the same profit maximizing value for Q
what if you werent given the anything, just an equation for example P=15-.5q?
thank you..
Pretty good. You should also show the profit / revenue / cost graphs showing the optimal quantity & price levels at the maximum (or minimum). It's more work of course but your camera and editing skills should be up to it :)
For my economics class, I'm supposed to calculate the same as you did in the model below.
Output Price (£) Total cost (£)
0 20 10
1 18 15
2 16 18
3 14 20
4 12 27
5 10 41
From this table, by the first method I could find that the output level to maximize profit is 3. However, when I try doing by MR = MC I can't get the result!!! For MR to output 3 I'm getting 10 and for MC to output 3 I'm getting 2 :/
Can you please help me with that???
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thanks well understood
this example is good for monopoly market (since its a non-constant price)..
Thanks Mam
What if total cost is not giving how will you find it?
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Mam you have solution manual of this chapter profit maximization
Thanks,
If you can make the same profit making 1 unit more then infrastructure is set up for the higher quantity. If demand suddenly increases then the sales price can increase, you already have production to accommodate the increase in demand and price. Easier to make less of something then more, quickly.
thanks