3.5 Profit Maximization - Assignment Essays

Q: If MR < MC

Then the firm should produce less output

Q: MR = MC rule

Firms will minimize losses by following the :

3.5 Profit Maximization

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Posted on

March 14th, 2023

question

When Total Revenue is greater than________ firms are earning a profit.

answer

Total Cost

question

Marginal-analysis is a type of:

answer

Cost-Benefit Analysis

question

The PROFIT MAXIMIZATION RULE is:

answer

MR= MC (Marginal Revenue = Marginal Cost)

question

Marginal Revenue

answer

change in TR/change in Q

question

Marginal Cost

answer

change in total cost / change in quantity

question

Profit will always be maximized where:

answer

MR = MC

question

If TR > TC, the firm earns a(n):

answer

Economic Profit

question

If TR = TC, the firm:

answer

Breaks even aka earns a normal profit

question

If TR < TC, the firm:

answer

Earns an economic loss

question

If MR > MC

answer

Then the firm should produce more output

question

If MR < MC

answer

Then the firm should produce less output

question

Firms should produce where:

answer

MC intersects MR on a graph

question

MR = MC rule

answer

Firms will minimize losses by following the :

1 of 13

question

When Total Revenue is greater than________ firms are earning a profit.

answer

Total Cost

question

Marginal-analysis is a type of:

answer

Cost-Benefit Analysis

question

The PROFIT MAXIMIZATION RULE is:

answer

MR= MC (Marginal Revenue = Marginal Cost)

question

Marginal Revenue

answer

change in TR/change in Q

question

Marginal Cost

answer

change in total cost / change in quantity

question

Profit will always be maximized where:

answer

MR = MC

question

If TR > TC, the firm earns a(n):

answer

Economic Profit

question

If TR = TC, the firm:

answer

Breaks even aka earns a normal profit

question

If TR < TC, the firm:

answer

Earns an economic loss

question

If MR > MC

answer

Then the firm should produce more output

question

If MR < MC

answer

Then the firm should produce less output

question

Firms should produce where:

answer

MC intersects MR on a graph

question

MR = MC rule

answer

Firms will minimize losses by following the :

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