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How can one find the optimal consumption bundle?
To find the optimal consumption bundle, a person should compare the marginal utility per dollar of each good they consume and allocate their budget in a way that maximizes total utility. This can be achieved by adjusting the quantities of goods consumed until the marginal utility per dollar is equal for all goods.
What should the firm do if marginal revenue is greater than marginal cost?
If a firm's marginal revenue is greater than its marginal cost, it should increase production to maximize profits.
What should a monopoly do if marginal revenue exceeds marginal cost?
increase output
Why is the equality of marginal revenue to marginal cost essential to profit maximuzation in all of the market structures?
When Marginal Cost is below Marginal Revenue, profit is increasing. When Marginal Cost is above Marginal Revenue, profit is decreasing. Since the goal of firms is to maximise profit, they should produce at a level where the MR of producing another unit is equal to the Marginal Cost of producing another unit. Firms should keep producing until this point because there is a hidden profit in MC. This is because we are not taking into account the Accounting profit.
When should a perfectly competitive firm should expand output?
when price>marginal cost
How can one find the optimal consumption bundle?
To find the optimal consumption bundle, a person should compare the marginal utility per dollar of each good they consume and allocate their budget in a way that maximizes total utility. This can be achieved by adjusting the quantities of goods consumed until the marginal utility per dollar is equal for all goods.
Can a shih tzu consume something spicy?
no dog or pet should ever consume spicy foods
What should the firm do if marginal revenue is greater than marginal cost?
If a firm's marginal revenue is greater than its marginal cost, it should increase production to maximize profits.
How much fiber should the average human being consume a day?
an average person should consume about 21-25g of fibre each day
When a firm's marginal revenues are higher than its marginal cost?
Marginal cost is
How many milligrams of cholesteral per day should a person consume?
A person should consume no more than 300 milligrams of cholesterol per day. High cholesterol levels can lead to heart disease.
What should a monopoly do if marginal revenue exceeds marginal cost?
increase output
What percentage of daily nutritional needs should a person consume at breakfast?
25%
If marginal revenue is greater than marginal cost the firm should?
If MR is greater than MC, the firm should increase their production. The ideal amount of production is determined by allowing the marginal cost to equal the marginal revenue.
How much potassium should an adult consume in a day?
It depends from person to person, but approximately 4.7 grams is recommended.
How much protein should a 65 year old person consume daily?
50 grams
How many grams of fat should a man consume a day?
the person to the right knows this an swers
