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Profits will be maximized when marginal revenue is equal to marginal costs. This will only happen in cases where there are fixed costs.
equal to marginal revenue
profit is maximized
Unit elastic
yes
Profits will be maximized when marginal revenue is equal to marginal costs. This will only happen in cases where there are fixed costs.
equal to marginal revenue
profit is maximized
equal to marginal revenue
Unit elastic
Profit is calculated by subtracting costs from revenue.
profit
yes
yes
At the beggining of the MR curve, the first instance of output, from then on, MR falls until it hits 0 at the point where total revenue is max.
yes
True