Demonstration Overview:

Concepts like revenues, fixed costs, explicit costs, variable costs, accounting profit, implicit costs, economic profit, economic loss, and breakeven situations can be difficult to fully understand when just reading about them or listening to a lecture about them. To truly understand them and gain ownership of them, you need to apply those concepts in a business word problem scenario. Again, it is about learning by doing.

This video demonstration will give you ownership of these important concepts! Watch me do the first exercise. Then attempt the other two exercises on your own. Email me your answers for problem number two or email me your answers for both problems. I will then check your work and give you feedback on them. After you do problem number two and three, you will have ownership of these important concepts that you will need to understand for the rest of the course. It is guaranteed!

Link to Document:

Here is the link to the Economic Profit Exercises: Economic Profit Word Problems

Link to Demonstration:

Watch the Explicit, Implicit Costs Demonstration: