Profit Maximization

[@ManiacalMind12]

I am taking economics very soon and I wanted to get a head start by watching your videos and I think the knowledge you have presented was excellent. Thank You.

[@akas02]

I can't believe it has been a decade of this video and I feel grateful to youtube that I am here, Looking forward to getting all the best for my economics exam is tomorrow...

[@CindyAlexius]

EXCELLENT VIDEO!!!! I've reread my chapter so many times and still didn't understand this concept. Now I get it! You're the best!

[@GregLondon]

A much better explanation than my economics book. Thankyou!!

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God bless your soul for explaining this! I was getting frustrated but I finally got it !

[@chomeeyon]

So helpful. I really understand my report by watching this. Thank you so much!

[@rwens335]

Lucky enough to actually have her as my economics teacher :) She is a TA at Harvard University...

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Which book do TA use please ?

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Your simplified briefing helped to understand the concept well. This will help more students to get a conceptual clarity. Thank you

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This means "Teaching" -passing the konwledge in acceptable manner. Unfortunately many instructors come to classes just to show off themselves, leave rules for students and to grade students work. Some of them urge students to ask questions if in doubt, the problem is how can you ask something you dont know?????

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[@karacnewland93]

Thank u so much. U started from beginning and helped me up to the point I needed 👍🏻

[@BAMBAMBAM495]

thanks, watching you is so much better than just reading text book, i am a listener so it works really well. now I am gonna go As my final now :D thanks again

[@clareardine631]

thanks alot this video will help alots on my exam tomorrow...your fantastic

[@coolbuddy167]

Awesome video. You made it really simple to understand...Love you

[@owen0314]

Thank you, your explanation is very easy to understand. Much better than my MBA professor :)

[@leen.4205]

Thank you soooo much, just got my 1st assignment all done and now working on the graphs. I now have a clear understanding and will be able to give a better presentation in class :)))

[@dhirenshadu6858]

very good explanation...keep up the good work

[@otobongsam5283]

This is perfect. Easily understood Thanks so much Am grateful.

[@shakerasimpson6491]

Awesome vid. Easy to understand and it really follows nice.

[@johnnolen8338]

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.

[@Nubl1st]

Thank you! been having issues n class with the marginal revenue/costs calculations. Thanks for the lesson :D

[@adhiamboannette8318]

This is much better... congratulations 👏 ma'am

[@lizzaoguegbu1452]

Thanks for this, i understand this concept 100%

[@artyvandelayed]

I had a hot econ TA, it was well worth it to go to class!

[@uncoded0]

Thanks. Good explanation.

[@sweism86]

Great video! These are SO helpful!!!

[@gorgeousbeauty6723]

This video was so helpful thanks so much for all your help please make more videos

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[@Economicstrack38]

Such a great explanation

[@NabeelAhmed-ln3fw]

very detailed explanation. ....wow.....I was looking for this.... thanks.... ( good logo pic..)

[@appslover6687]

Awesome Explanation, Thanks for the Video.👍👌

[@79bn]

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.

[@nyambanzamusampula6633]

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

[@BADDASBASSIS-et3ho]

Thankyou ma'am this a very big help

[@Joy-by2pv]

Thank you so much!! I wish I discovered your channel earlier

[@luisliam1479]

GREAT! HELPED ME ALOT... Thank you

[@odditychakaza589]

Thanks for the explanation i can understand better now

[@xanh9588]

You just earned me new subscription.

[@robnlarie]

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.

[@brucezhong8327]

your logic is so clear!! Thank you.

[@Phazratali786]

hi sir hope you are fine Q; A revenue maximizing monopolist requires a profit of at least Rs 1500 his demand and cost function are Q= 152-0.5p TC= 500+4Q+8Q POWER 2

[@bredleemurray904]

Thanks very much. This is very helpful

[@Hitman-gl2hc]

really a nice lecture... thankxxx keep it up

[@sherryanndelosreyes9821]

this example is good for monopoly market (since its a non-constant price)..

[@mengistubululta5479]

wow! very nice explanation.

[@Phazratali786]

hi sir hope you are fine Q; A revenue maximizing monopolist requires a profit of at least Rs 1500 his demand and cost function are Q= 152-0.5p TC= 500+4Q+8Q POWER 2 FIND EQUILIBRIUM PRICE , QUANTITY AND MAXIMUM PROFIT , I AM WAITING SIR

[@funkemaster1]

Well explained. Thank you

[@sabawoonjamalzai2094]

Thank you Great explanation

[@AkshayMishra700]

Thanks Jodie

[@timmylowbie]

You explain it way better than my econ professor. maybe it's because he does PPT... lol

[@MICHAEL24AZ]

Wish you were my teacher.....

[@lilyuupindi]

this was helpful. thanks :)

[@gooddaniel8603]

Very incredible indeed

[@fishtan016]

you're smart and of course, beautiful too =D I really wish you're my teacher and i will never skip any class

[@mahermor]

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!

[@ceejayvasquez3335]

This is really helpful.

[@thedannyg684]

Your shirt is fantastic.

[@theall-seeingrinnegan5683]

+Danny Gilbert Hello, in a monopoly, what's the difference between equilibrium quantity and profit-maximization quantity? Or are they the same? Thanks

[@kcluu9390]

Total Revenue = Price x Quantity Total Costs = Fixed Costs + Variable Costs

[@sureshr9396]

Thank u Jodie

[@ruihao9314]

thank you so much! that's really helpful!

[@ambeweste]

Gyal, you are amazing!!

[@ScreeninonStreamin]

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.

[@owensechrist1315]

+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

[@sharira1990]

u make it clear for me! thanks!

[@ijeomaegelamba2953]

Thank you so much!

[@melvinanan687]

Thanks for this video...

[@Humor_n_Rumors]

i love this... you're the best.

[@aminuddinabmaati7288]

Ability to sell not always correlate with sales price

[@tuliokonsta9766]

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???

[@markvicsonvilladares870]

Hi Jodie, Is this applicable to a service business?

[@mikaelamadeosarira9008]

It is knowledge about Financial Freedom.

[@sundareshRIyer]

Thanks for the lesson :)

[@eyanalzaro]

what if you werent given the anything, just an equation for example P=15-.5q?

[@mayasilver6535]

jodiecongirl i study the intermediate microeconomic can u help me with the quizzes and problems in the book

[@mazdats8]

Thank you

[@umerwajahat1540]

if you were my teacher i'd never skip my economics classes

[@SoftwareLand]

This is what I hate about academia. So often, there's a major disconnect between what they teach and what reality looks like. Marginal cost goes down as volumes go up... in the real world.

[@mirwaisyameen]

thank you so much!!

[@dawitfikadu4413]

THANK U SO MATCH

[@cinqueottavi]

thanks so much

[@Tokib_Hasan_Khan]

Thanks maam❤

[@gabbyabuh1202]

What if total cost is not giving how will you find it?

[@ClutchNastii671]

I hope you're not an actual school teacher... none of the guys would pass your class, because they'd be too distracted thinking of all the dirty things that they'd do to you lol

[@lloyddennis2189]

is there a vid for economic cost?

[@hilarioalejo2348]

You are the best

[@premdengi9892]

Ur explanation good but u can do good quality video and more focus on editing.

[@kannutannu1984]

good explanation :)

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[@samk6298]

very helpful