Micro: Unit 3.3 -- Profit Maximization

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!

In this video, I will:
- Define marginal revenue (MR)
- Practice calculating the marginal cost and marginal revenue for a firm at different levels of
output
- Explain how producing at an output where marginal revenue equals marginal cost ensures
profit-maximization for a firm
- Analyze how changes to product price will alter the the profit-maximizing level of output
produced by the firm
- Investigate how changes to production costs will alter the the profit-maximizing level of
output produced by the firm


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