Businesses of all sizes, including small businesses, can benefit from a basic understanding of specific economic concepts. Beyond the basic concepts of supply and demand, a small business owner must ...

Learn how to distinguish marginal costs by exploring their relationship with fixed and variable costs in production.

Marginal revenue and marginal cost are essential calculations that help companies analyze and maximize their profits. Taken together, marginal revenue and marginal cost are used to determine how many ...

Small-business owners can understand their companies in terms of inputs and outputs. The wages you pay your employees are inputs, and the work they do is an output. There is a limit to the benefit ...

Learn how monopolies maximize profits by equating marginal cost and revenue. Discover the economic principles guiding price and output decisions in monopoly markets.