What is Profit Maximization
When it comes to economics, profit maximizing refers to the method by which a company can establish the pricing, input, and output levels that will result in the largest possible overall profit. This process can be carried out in either the short run or the long run. The firm is supposed to be a "rational agent" in neoclassical economics, which is the predominant approach to microeconomics at the moment. This means that the firm's goal is to maximize its total profit, which is defined as the difference between its total revenue and its total cost.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Profit maximization
Chapter 2: Monopoly
Chapter 3: Oligopoly
Chapter 4: Perfect competition
Chapter 5: Price elasticity of demand
Chapter 6: Economic equilibrium
Chapter 7: Break-even (economics)
Chapter 8: Marginal cost
Chapter 9: Marginal product
Chapter 10: Marginal revenue
Chapter 11: Marginal revenue productivity theory of wages
Chapter 12: Cournot competition
Chapter 13: Lerner index
Chapter 14: Cost curve
Chapter 15: Average variable cost
Chapter 16: Supply (economics)
Chapter 17: Marginal product of capital
Chapter 18: Shutdown (economics)
Chapter 19: Marginal product of labor
Chapter 20: Markup rule
Chapter 21: Monopoly price
(II) Answering the public top questions about profit maximization.
(III) Real world examples for the usage of profit maximization in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Profit Maximization.