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In traditional economics, the goal of a firm is to maximize their profits. This means they want to maximize the difference between their earnings, i.e. revenue, and their spending, i.e. costs. To find the profit maximizing point, firms look at marginal revenue (MR) – the total additional revenue from selling one additional unit of output – and the marginal cost (MC) – the total additional cost of producing one additional unit of output. When the marginal revenue of selling a good is greater than the marginal cost of producing it, firms are making a profit on that product. This leads directly into the marginal decision rule, which dictates that a given good should continue to be produced if the marginal revenue of one unit is greater than its marginal cost. Therefore, the maximizing solution involves setting marginal revenue equal to marginal cost.
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In traditional economics, the goal of a firm is to maximize their profits. This means they want to maximize the difference between their earnings, i.e. revenue, and their spending, i.e. costs. To find the profit maximizing point, firms look at marginal revenue (MR) – the total additional revenue from selling one additional unit of output – and the marginal cost (MC) – the total additional cost of producing one additional unit of output. When the marginal revenue of selling a good is greater than the marginal cost of producing it, firms are making a profit on that product. This leads directly into the marginal decision rule, which dictates that a given good should continue to be produced if the marginal revenue of one unit is greater than its marginal cost. Therefore, the maximizing solution involves setting marginal revenue equal to marginal cost.
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Needed a Document for price analysis in monopoly? Related: Business Economics & Finance - Notes & Videos
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Needed a Document for price analysis in monopoly? Related: Business Economics & Finance - Notes & Videos for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Needed a Document for price analysis in monopoly? Related: Business Economics & Finance - Notes & Videos covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Needed a Document for price analysis in monopoly? Related: Business Economics & Finance - Notes & Videos.
Needed a Document for price analysis in monopoly? Related: Business Economics & Finance - Notes & Videos for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Needed a Document for price analysis in monopoly? Related: Business Economics & Finance - Notes & Videos covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Needed a Document for price analysis in monopoly? Related: Business Economics & Finance - Notes & Videos.
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