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Is the optimum level of production the same as the profit maximization level of output?

"Optimal" can be defined in various ways. When looking from a profit maximization viewpoint, the level of production with the highest (return/cost) ratio will be the optimal. However, when looking purely from a productive viewpoint, the optimal level would be the one with the highest (output quantity/input quantity) ratio


What is an economic perspective?

Economic perspective is a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions.


What are positive statements and objective explanations?

Positive statements are generally regarded as those which encourage an optimistic viewpoint. You can do it! Objective explanations are those which are unbiased and are based on honest observation and logical thought.


What is the central focus of economic perspective?

Economic perspective: a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions


What were Stalin's views on capitalism?

The Bolshevik Party was based on the ideas of Karl Marx and Frederich Engels. From that viewpoint, the Bolsheviks believed that capitalism was inevitable and was the last step before a workers revolution. The Bolsheviks were impatient however, and although Russia was not a highly industrialized nation with a numerous and strong working class, they believed that a revolution producing a dictatorship of the proletariat was possible.