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Understanding Fixed, Variable and Marginal Costs in Economics Free Course

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  • Description
  • Outcome
  • Certification
  • Fixed cost, variable cost and marginal cost are very important concepts to understand in economics. Fixed costs are business expenses and are often time-related such as salaries and rents which are paid on a monthly basis. Variable costs are expenses related to business activity and change in proportion to an increase or decrease in this activity. Marginal cost is the change in total cost that arises when the quantity of goods produced increases by one unit. It is a measure of the cost of producing one additional unit. This free online economics course explains in a simple and clear manner the concepts behind fixed, variable and marginal costs using worked examples. The relationship between marginal cost, average total cost and marginal revenue is also outlined. By studying this course the learner will appreciate the importance of these costs in economics, and why and how they are calculated. This free online economics course will be of great interest to all professionals in economics, finance and business who would like a greater knowledge and understanding of fixed, variable and marginal costs, and to all learners who would like a greater insight into the factors that determine these key costs in economics.

  • Learning outcomes:
    - Explain the concepts: Fixed costs, Variable costs, Marginal costs;
    - Visualize average costs and marginal costs as a slope;
    - Compare marginal revenue and marginal costs;
    - Explain long term supply curve and economic profit;

  • All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma, Certificate or PDF.

    Having an official Alison document is a great way to share your success. Plus it’s:

    • Ideal for including in CVs, job applications and portfolios
    • An indication of your ability to learn and achieve high results
    • An incentive to continue to empower yourself through learning
    • A tangible way of supporting the Alison mission to empower people everywhere through education.

Modules List( 2 )
  • UNDERSTANDING FIXED, VARIABLE AND MARGINAL COSTS I...
  • Module 1: Understanding Fixed, Variable and Marginal Costs in Economics
    • Introducing Fixed, Variable, and Marginal Costs
    • Visualizing Average Costs and Marginal Costs as Slope
    • Marginal Cost and Average Total Cost
    • Marginal Revenue and Marginal Cost
    • Marginal Revenue Below Average Total Cost
    • Long Term Supply Curve and Economic Profit
  • END OF COURSE ASSESSMENT
  • Module 2: Fixed, Variable and Marginal Costs Assessment
    • Fixed Variable and Marginal Costs Assessment
Topics List ( 1 )
Module 2: Fixed, Variable and Marginal Costs Assessment
You must score 80% or more to pass this assessment.
Course Features
  • Duration

    1-2 Hours

  • Publisher

    Khan Academy

  • Video

    Yes

  • Audio

    Yes

  • Assessment

    Yes

  • Certification

    Yes

  • Price

    Free

  • Reward

    50 Pts

  • Responsive

    No

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