Allocative efficiency since the industry is producing the amount of product that equates society's valuation of that product and the price of the product.
Productive efficiency.
Mr=mc
to the point where MRP=MC
Minimize its loss by producing until MC = MR
mc=ac
Productive efficiency.
The firm can afford to hire more workers
The firm can afford to hire more workers.
if the MC=Price, the firm got the maximum profit. that's what they want.
Mr=mc
to the point where MRP=MC
Minimize its loss by producing until MC = MR
mc=ac
Set MC=AVC and solve for the values that a firm will produce at. Once you've found these values, set price = MC(S(p)) and solve for supply in terms of quantity.
What does mc 14k means inside a ring
MC means mint condition. MOC means mint on card.
this is obtained when a firm equates its marginal revenue to its marginal cost.At a level of output where MR exceeds MC,then the firm should increase output since the addition to revenue is greater than the addition to revenue.Where a firm's MR is less than its MC,the firm should lower its output since the addition to costs is greater than the addition to revenue.