1
Q
At what point is profit maximisation achieved?
A
Where MR = MC
2
Q
Why do firms profit maximise?
A
To gain from profit benefits
3
Q
At what point is revenue maximisation achieved?
A
Where MR = 0
4
Q
Why does firms revenue maximise?
A
In order to benefit from increased output and therefore better EoS
5
Q
When is sales maximisation achieved?
A
Where AC =AR
6
Q
What is profit satisficing?
A
Opting for a satisfactory level of profit rather than profit maximisation
Economics
flashcards
Decks in class (24)
# Cards
-
1.3.2 Externalities13
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1.3.3 Public Goods5
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1.2.6 Price Determination7
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1.2.7 Price Mechanism7
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1.2.8 Producer And Consumer Surplus3
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1.2.9 Indirect Taxes And Subsidies9
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1.2.10 Alternative Views To Consumer Behaviour7
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1.1.5 Specialisation And The Division Of Labour4
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1.4.2 Government Failure5
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1.2.3 Price, Income And Cross Elasticities Of Demand21
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1.1.6 Free Market, Mixed And Command Economies14
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2.145
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3.4 Market Structures34
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3.2 Business Objectives6
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3.1 Business Growth18
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4.1 International Economcis54
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3.514
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3.3 Revnue, Costs And Profit8
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4.4 The Finanical Sector5
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2.65
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4.2 Poverty And Inequality9
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4.3 Emerging And Developing Economies16
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4.5 Role Of The State In The Macroeconomy10
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3.6 Government Intervention5
