ECONOMICS MICRO ECONOMIC THEORY III

Harvard University

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THEORY OF THE FIRM I : MICRO-ECONOMICS THEORY III

College aantekeningen

THEORY OF THE FIRM I : MICRO-ECONOMICS THEORY III
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13

augustus 2021

2021/2022
A firm is a decision making unit/entity which through process of production converts inputs into outputs. The producer is assumed to be motivated by the objective of maximizing profits where: Profit= Gross revenue-Expenditure   TR TC TR  PQ Where P is the output price and Q is the output Other objectives of the firm include:  Revenue maximization  Cost minimization  Market share maximization It is assumed that the objective of a firm is to maximize profits but s...
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ECONOMICS MICRO ECONOMIC THEORY III

Harvard University

THEORY OF THE FIRM I : MICRO-ECONOMICS THEORY III