Price is not revenue. P X Q is revenue. Opportunity cost (surely?) depends on expected revenue or expected profit, not price. I'd get "off my butt" to sell hotdogs at 1c each - IF - I expected to sell 1 X 10^1,000,000 of the things no? brb got to see the wolfram demonstration on this one
This really helped me understand the basic concept . THanks!!!!
Mzindogirl 1 year ago
This is brilliant :) Many thanks,
AlexNormonBazzz 1 year ago
Very good!! Thanks a lot!
bobichina 1 year ago
Price is not revenue. P X Q is revenue. Opportunity cost (surely?) depends on expected revenue or expected profit, not price. I'd get "off my butt" to sell hotdogs at 1c each - IF - I expected to sell 1 X 10^1,000,000 of the things no? brb got to see the wolfram demonstration on this one
plebshadowofra 1 year ago
@plebshadowofra
The concepts are correct as demonstrated according to economists. Here's why ... Price is equal to marginal revenue.
If the cost of producing hot dogs is greater than 1 cent then you would not produce them no matter how many you produce and sell. Make sense?
econsteve12 1 year ago
good one :)
analyzeee 2 years ago
awesome video! you're a great teacher
VanHalen2882 2 years ago