How to calculate profit, loss, marginal cost in a Perfect Competition

Tutorial on perfect competition with numbers and calculations. Tutorial includes how to calculate total revenue, total cost, and profit (economic profit). This is typically taught in a economics class.
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[@economicsfun]

Great to hear, by the way, It is my dream to turn economics and other math subjects into videos games. So someday gamers will not even know they are learning economics :)

[@juicee235]

THANK YOU! i have a test in two hours and this explanation is much clearer than how my teacher did it!

[@economicsfun]

Thanks for the feedback. The pace and tempo are always hard for me since the KZbin audience is so diverse. My target audience is the student that is struggling, so I try to be clear and the pace is slow. The overwhelming feedback from students is the pace is just about right for them. Probably 20 to 1. Btw, I am not reading from a script. I recorded in small pieces and chunks that is why and that is why there are no ums ahs etc...

[@linchiqx2119]

Economics has been a tough module for me but lm finding these videos very helpful. all the way from Zimbabwe thank you

[@justindomineck8770]

I'm not sure how often you add videos but I'm grateful that you do. I've gotten through my economics course because of these lectures. THANK YOU!!!

[@Malvina1987]

This channel is AMAZING! I am a visual learner and this is totally, what I needed to understand: SIMPLE and PLAIN LANGUAGE, ON THE POINT, NO UNNECCESSARY COMPLEX STUFF. My Prof. makes it sounds like rocket science and psychologically I feel under pressure but this videos are make it so easy to understand. Your videos are taking the pressure of me! Pls keep continuing what you are doing, it helps A LOT!!!!!!

[@rshekdar]

Thanks for these videos, i am doing mba thru correspondence and these videos help a lot. Keep up the good work.

[@chippychips96]

I've spent days watching my lectures and reading books and I was struggling a lot to understand this topic. However in 8 minutes you made it perfectly clear and easy to understand. Thank you so much! This video is exactly what I needed!

[@sandramurakum2899]

Thankyou very well explained

[@tylernadeau1887]

Thanks for the help! you've been my saving grace, you really are helping the lives of so many people with these. I am thankful for your speed and clarity as well, def helps me understand and grasp it quicker

[@kimberlypryor7906]

I'm a bit confused. Shouldn't accounting profit be greater than economic profit since it doesn't include opportunity cost?

[@TFrills]

If you are earning more money doing this than doing something else, then your economic profits are positive and that would be added to acounting profit, which makes it greater.

[@J3susChrist]

Fantastic work, great graphs and easy to understand explanations! THANK YOU!!!

[@knallbirne3000]

Hi, i just wanted to mention, that your videos far out of competition. The visual style you use and the step by step introductions are perfect. Many many thanks from an Economy Student.

[@sarahtasneem8855]

Hey man,this 8 min video is more valuable than gold to me. The way you explained things is so smooth,eye-catching and perfect.I can't thank you enough. You might have a special place in heaven,you know☺️❤️

[@MIbtehajKhan]

Great explanation, now i clearly understand all these curves.

[@Archertroy1122]

Thank you for this series. I'd like to say that its rare when a video series is able to explain a concept better than the Khan Academy - and your videos are some of the few that I find much better than Khan. Please continue to educate, because you have a gift for it.

[@economicsfun]

I love it, chase more girls study less! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the free videos and perhaps some girls can chase you!

[@ciai7317]

Would you sugest a book with problems and graphic like the ones you are resolving to read please. It would really give the source for instance marginall cost, total revenue and on. It would be really appreciated. Than you.

[@economicsfun]

cool! Make sure you like MyBookSucks on FaceBook (see link in video). This will help me spread the word plus help save other students from homework.

[@manjeetdogra9797]

this video is soo good... Than you for clearing my doubts....

[@economicsfun]

Great to hear! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

[@Childrensmathes]

But in perfect competition,price is same.How can they reduce the price.please explain?

[@economicsfun]

Thanks for your comment and yes you are correct. I see that at point 6:18 in the video I fat fingered the sign. Thanks for point this out and yes I will correct it.

[@economicsfun]

Great to hear! And thanks for the feedback. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

[@tushangomez3374]

the economic profit is not greater than the accounting profit. economic profit = total revenue - total opportunity cost(direct costs + indirect costs) where accounting profit is calculated by removing only direct costs from the total revenue. accounting profit = total revenue - direct costs i think it should be corrected :) anyway i love watching your videos. thank you

[@TFrills]

but if your opportunity cost for doing this is positive, then that adds to accounting profits, right?

[@economicsfun]

Wow, thank you for your positive comments. I am only really starting this online education and I will continue on for sure. I am building statistics, algebra and calculus channels too (see link above).

[@Himani_inamiH]

how do I do this with a table: Suppose the following data describe the demand for liquid-diet beverages: Price $11 $10 $9 $8 $7 $6 $5 $4 $3 $2 Quantity demanded 7 10 13 16 19 22 25 28 31 34 Five identical, perfectly competitive firms are producing these beverages. The cost of producing these beverages at each firm is the following: Quantity produced 0 1 2 3 4 5 6 7 8 9 10 Total cost $5 $8 $10 $13 $17 $22 $28 $36 $45 $55 $67 (c) How much profit (loss) does each firm make? Instructions: Enter your response as a whole number. Indicate a negative response with a (-) negative sign. (d) What happens to price if two more identical firms enter the market?

[@shanepillay6113]

Shane from South Africa - date: 13 August 2021. I`ve removed all other channels And kept only Economicsfun. Thank you for helping me so much. I`ve read our textbook, I`ve gone through the study guide & I`ve searched the web for some understanding, NOBODY can explain economics as well as you. thank you very much...

[@baghdik18]

in one word, Amazing!!!

[@economicsfun]

Thanks! If you have any specific needs do let me know. I am always looking for ideas for new videos.

[@FarFromHome9]

I'm a Economics student at UC Davis and I have to say this video was AWESOME!

[@economicsfun]

+Jc09104148 Tell you fellow students about my videos and help them out. Hopefully you can like and share the videos so other students can find them.

[@deltonjoa7840]

Lmao i'm from davis too

[@tshembinkuna9387]

Thank you so much, easier explanation

[@xbrakx]

Need Help. I keep getting a horizontal Marginal cost. Variable cost is always linear ??? Isn't Total variable cost = Variable cost * # of units? How is this ever not linear? Where did I make a mistake?

[@andy19065]

This is very helpful, i'm a final year student that never did the commerce subject in high school. Thank you

[@economicsfun]

Siwe Mbilase You are very welcome. (www.Facebook.Com/PartyMoreStudyLess)

[@sandramurakum2899]

Thankyou so much well explained

[@b.g.3851]

Thanks, helpful. Another channel only gave super easy examples but this was more appropriate with thorough explanation.

[@ajinkyapathare]

Thanks for using precise terms like economic profit instead of just profit, which can be confused with accounting profit. Very well made video.

[@Foregoe]

My teacher hasn't even gotten to this yet in our classes and we're learning almost completely out of the textbook (which I'm not really good at) and this helped SOOOOO much!

[@fjoy8064]

I watched several of your videos-- Economics/graphs related; it is very easy to follow/understand than anyone could ever explain it to me! Thank you so much for the help!!!

[@artdragonheart]

This video explained perfect competition much more clearly than my teacher and the textbook she gave me. Thank you for this!

[@Nurullsays_hi]

Sheeeeez top-notch explanation method my man

[@cinta-wr8lz]

this is better than my teacher explanation. THANKYOU

[@missionaries7575]

most helpful ive watched,thankyou me and my son will learn from you.

[@faceless284]

Why party more study less lol thank you sir i learned from u more than i did from my teacher thank u

[@georgeborisovskiy1093]

Thank you for the content. 😴😴😴😴

[@levelup2014]

thank you I know how difficult this must have been to create so thank u

[@The3nlightened0ne]

Hello I need help with this please: Market demand is given as QD = 200 - 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q and ATC = 0.25Q. What quantity of output will a typical firm produce?

[@CharizardChase]

Mrs. Healy's class taught this. Kinda sucks

[@MrFluffymuffin13]

Thank you so much!!!!!!

[@ntebalengqhina7136]

You killed it. Dead, thank you

[@azargaftimos2039]

Great presentation. Thanks!

[@Childrensmathes]

Sir,what is opportunity cost?

[@AsgharKhan-fd1ul]

amanzing. could you assign numbers to videos in each lecture? it would help students to watch the videos in a sequence. Thanx

[@jasensklarski4888]

Hey man, is this for the long run equilibrium? or short run?

[@thedomoman8029]

In the long run for perfect competition, total profit is zero

[@adrianamedranovarona]

Hello Sr. I really loved your video, thanks to you, my partner and me are gonna have an excellent grade for tomorrow's exam. That was exactly the same that my teacher tried to teach us, but we didn't get it at all

[@TUTprofessionalz]

thanks. helped me for my test this morning

[@economicsfun]

Thanks!

[@kharavhomashuduantheamavhi4162]

THANK YOU ... I UNDERSTAND IT MUCH BETTER

[@Urban_Nish]

Great videos. They have helped me a lot with my school work.

[@ernestkaruranga8348]

This is great..! Thank you.

[@spring802007]

Excellent !!

[@Gocast2]

very helpful. thankyou!

[@economicsfun]

+James Trainer You are very welcome. Hopefully you can like and share the videos so other students can find them.

[@alonnahdiez4141]

Thank you! You explained this so well, and it really helped me!

[@devouritall]

Thank you sosososososososo much!

[@hussainrajallah4110]

FANTASTIC, THANK YOU A LOT

[@manjeson4482]

helped me alot. thank you.

[@srinathgopal]

Very helpful stuff! Thank you so much!

[@economicsfun]

Srinath G You are very welcome. Hopefully you will get a chance to like my FB page (www.Facebook.Com/PartyMoreStudyLess) and like, share the videos. This helps others find the videos. Good luck in your studies too.

[@SIMZALO]

nice....Thank you.

[@topche324]

YOU the BEST

[@jared9643]

good shit!

[@Abdulxziz]

Best teacher

[@danielroche3493]

I LOVE YOU

[@njafuhnuella5000]

thanks that was great

[@economicsfun]

Njafuh Nuella Great too hear. Hopefully you will like, share, subscribe, If you get a chance could you please like our FB page. www.FaceBook.Com/PartyMoreStudyLess It will help others find the videos.

[@drallisimo34]

cool!!!

[@waksibra]

Great video. I think you could improve by trying to talk more like you are talking to the listener and not "reading".