Cost of Production
This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.
- 33:04 “This is all. You need to know in the rest of the world. Of course concepts. OK. So I'll be giving you an assignment in the rest of this topic. And I want to lay your hands on past questions. I mean SSC past question. Que...”
- 16:04 “you calculate your worth, your total cost, please take note, your total cost here is going to be worth, it's going to be fixed cost, plus worth, plus variable cost, okay, remember the first one I get to you is worth, is...”
- 00:00 “Good students, standing before you here is Mr. Kenny and how we're taking you economics on a very interesting topic which I call cost concepts, cost concepts, okay? This is a very interesting topic that you need to learn...”
Revenue Types
This lesson defines revenue and explains its three main types: total revenue, average revenue, and marginal revenue. It covers how to calculate each type and their relationships to production and sales.
- 03:31 “So, without wasting time, let's look at worth, illustration, and respect of worth of these beautiful topics. This question is taken from 1988 of your SSC past questions. And whether I like it or not, the question will al...”
- 20:42 “So this is what you need to know in the rest of the world. This is where I'm going to stop my class. But before then, I need to give you an assignment in the rest of the world of that. So you go to the 1998 question in m...”
- 16:19 “Here is 24, here is 24. What do we call that? Whenever your TR is equals to your TC, what do you call that? In economics, whenever TR is equal to TC, that is all called brick-even points. What happens at brick-even point...”