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Profit maximization
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In economics, profit maximization is the short run or long run process by which a firm may determine the price, input and output levels that will lead to the highest possible total profit. In neoclass
Profit Maximisation
Profit Maximisation
Cost curve
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In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by m
Profit maximization
…maximizes profit at the point where the slopes of the total cost line and total revenue line are equal. An increase in fixed cost would cause the total cost curve to shift up rigidly by the amount of the change. There would be no effect on the total revenue curve or the shape of the total cost curve. Consequently…
A U-shaped short-run Average Cost (AC) curve. AVC is the Average Variable Cost, AFC the Average Fixed Cost, and MC the marginal cost curve crossing th
A U-shaped short-run Average Cost (AC) curve. AVC is the Average Variable Cost, AFC the Average Fixed Cost, and MC the marginal cost curve crossing the minimum of both the Average Variable Cost curve and the Average Cost curve.