the difference between total revenue (TR) and total costs (TC) [...]
Answer
is the greatest
If you want to change selection, open original toplevel document below and click on "Move attachment"
Parent (intermediate) annotation
Open it Profit maximization occurs when
the difference between total revenue (TR) and total costs (TC) is the greatest;
marginal revenue (MR) equals marginal cost (MC); and
the revenue value of the output from the last unit of input employed equals the cost of employing that
Original toplevel document
3.1.4. Output Optimization and Maximization of Profit Profit maximization occurs when
the difference between total revenue (TR) and total costs (TC) is the greatest;
marginal revenue (MR) equals marginal cost (MC); and
the revenue value of the output from the last unit of input employed equals the cost of employing that input unit (as later developed in Equation 12).
All three approaches derive the same profit-maximizing output level. In the first approach, a firm starts by forecasting unit s
Summary
status
not learned
measured difficulty
37% [default]
last interval [days]
repetition number in this series
0
memorised on
scheduled repetition
scheduled repetition interval
last repetition or drill
Details
No repetitions
Discussion
Do you want to join discussion? Click here to log in or create user.