Is profitmaximization alone an appropriate goal for the firm? Why or why not? Who in a corporation is responsible for protecting and managing stockholders interest? How is profitmaximization different from maximizing shareholder wealth?
1) Fill in the missing data for price (P), total revenue (TR), Marginal Revenue (MR),
total cost (TC), Marginal Costs (MC), profit (ð), and marginal profit (Mð)
in the following table (all units except Q are dollar
Using the linear approximation system to estimate the profit maximizing price requires that the managers know the costs of production and:
a. the production function
b. one price and quantity of demand
c. two prices and quantities of demand
d. decision-making process of the marketplace
(a) Why do most firms produce more than one product?
(b) What is the rule for profitmaximization for a multiproduct firm?
(c) Why would a firm produce a product on which it makes zero profits?
I am so lost-please help me understand. I need to fully understand so that when I take the final I can pass it. Please use an American company and please keep it as simple as possible..see attached file for full problem.
Create a chart that will show profitmaximization for a perfectly competitive firm. Make up all the necessary data and formulas. Show how marginal revenue and marginal profit relate to profitmaximization.
A monopolist sells to two consumer groups, wives and mothers.
Demand for wives: Q = 500 -1/2 P
Demand for mothers: Q = 750 -2P
MC = 20
Please find the profit-maximizing price/quantity combination in each market if the groups can be separated. Please show calculations. Thank you.
8. Problem-solving question: Use the following data for a perfectly competitive firm and the profit-maximizing input-combination rule to identify how many workers the firm will employ to maximize profits.
a) Number of Workers (L) MRPL MRCL
0 0 0
1 $40 $20
2 70 20
3 40 20
I'm having problems figuring out how to graph the attached problem. I know it must include product transformation curves, with total cost points, as well as total revenue lines. I'm just very confused about how to even get started. I need some guidance.