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Profit Maximization

by: Amy Turk

Profit Maximization ECON 22060-002

Amy Turk

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About this Document

Notes on profit
Dr. Ludmila Leontieva
Class Notes
supply, Chain, fixed, cost, revenues, price, Benefit, Short, run
25 ?




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This 1 page Class Notes was uploaded by Amy Turk on Friday May 20, 2016. The Class Notes belongs to ECON 22060-002 at Kent State University taught by Dr. Ludmila Leontieva in Spring 2016. Since its upload, it has received 5 views. For similar materials see Microeconomics in Economcs at Kent State University.


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Date Created: 05/20/16
PROFIT MAXIMIZATION ● supply chain = global network of companies that turn raw materials into a particular product and then distribute that product to customers ● fixed costs are tied to inputs that are difficult to change in the short run ● in order to make a supply chain work, every business in the chain has to profit ● bank revenues include interest payments on loans ● bank costs = interest paid on deposits ● most important decision that sellers make = whether to produce another unit ● a person’s reservation price = the value of the most attractive alternative activity that the person could be doing at that time ● a person’s supply curve shows the opportunity cost of producing each quantity ● primary objective = maximize profit ● total benefit = (price minus total cost) times the quantity sold ● short run = period where at least one factor of production is fixed ● long run = period where all factors of production are variable


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