Copyright

Ch 16: Holt McDougal Economics Chapter 5.2: What Are the Costs of Production?

About This Chapter

The What Are the Costs of Production? chapter of this Holt McDougal Economics Companion Course helps students learn the essential lessons associated with the costs of production. Each of these simple and fun video lessons is about five minutes long and is sequenced to align with the What Are the Costs of Production? textbook chapter.

How It Works:

  • Identify the lessons in the Holt McDougal What Are the Costs of Production? chapter with which you need help.
  • Find the corresponding video lessons with this companion course chapter.
  • Watch fun videos that cover the cost of production topics you need to learn or review.
  • Complete the quizzes to test your understanding.
  • If you need additional help, rewatch the videos until you've mastered the material or submit a question for one of our instructors.

Students will learn:

  • The definition of marginal product
  • The law of diminishing returns
  • Fixed costs and variable costs
  • Marginal, average and total costs
  • The definition and formula for marginal revenue
  • How revenue and production cost schedules look
  • How profit maximization is calculated

Holt McDougal is a registered trademark of Houghton Mifflin Harcourt, which is not affiliated with Study.com.

6 Lessons in Chapter 16: Holt McDougal Economics Chapter 5.2: What Are the Costs of Production?
Test your knowledge with a 30-question chapter practice test
Marginal Product: Definition & Example

1. Marginal Product: Definition & Example

In this lesson, we will define marginal product. We will look at the equation for marginal product and then apply it to a real example. We will close the lesson with a summary and quiz.

Law of Diminishing Returns: Definition & Examples

2. Law of Diminishing Returns: Definition & Examples

How does a farmer determine how much fertilizer to use? How many baristas are needed in a cafe? In this lesson, you will learn how the law of diminishing returns impacts expected output per unit of input.

Identifying Fixed Costs & Variable Costs for Producers

3. Identifying Fixed Costs & Variable Costs for Producers

Ever wonder why the price of brand-name drugs is so much more than generics? Or why all tablet prices seem to congregate at about the same level? This lesson explains those and other mysteries through the lenses of variable and fixed costs.

How Marginal Costs Differ from Average & Total Costs

4. How Marginal Costs Differ from Average & Total Costs

A major concern for producers is trying to figure out how much something costs to make. Through using marginal costs, total costs, and average costs, producers get a much better idea of the prices they should charge.

Marginal Revenue: Definition & Equation

5. Marginal Revenue: Definition & Equation

Manufacturers and service providers need to know if it's worth creating more products or services. In this lesson, you'll learn about marginal revenue, including what it is, related concepts, and how to calculate it. A short quiz follows.

Profit Maximization: Definition, Equation & Theory

6. Profit Maximization: Definition, Equation & Theory

What is profit maximization? Why would we want to maximize our profits, rather than revenues or sales? In this lesson we'll discuss what profit maximization is, how to calculate it, and why it's important to understand the concept.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the Holt McDougal Economics - Concepts and Choices: Online Textbook Help course

Support