FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Course. Microeconomics - Profits Maximization Assume a firm whose objective is to maximize its profits: Show what is the profit maximization condition for any firm

Course. Microeconomics - Profits Maximization

Assume a firm whose objective is to maximize its profits: Show what is the profit maximization condition for any firm in a perfectly competitive market. Note: You are asked to prove this condition, it is not enough to state what the condition is. Explain.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Macroeconomics

Authors: N. Gregory Mankiw, William M. Scarth

5th Canadian Edition

1464168504, 978-1464168505

More Books

Students also viewed these Economics questions

Question

★★★★★
The following table provides information relating to three individuals who each plan to invest $4,500 per year, before tax, starting in 2012. Each individual's before-tax rate of return on a 10-year...

Answered: 1 week ago

Question

★★★★★
What psychological treatment strategies could a mental health professional use to help someone achieve absti- nence? How so?

Answered: 1 week ago

Question

★★★★★
Explain what it means when the result of a hypothesis test is said to be (a) statistically significant but not scientifically significant. (b) not statistically significant but scientifically...

Answered: 1 week ago

Question

★★★★★
Hurricane Inc. purchased a portfolio of available-for-sale securities in 2014, its first year of operations. The cost and fair value of this portfolio on December 31, 2014, was as follows: On June...

Answered: 1 week ago

Question

★★★★★
Klaus owns a ski shop in Aspen and is facing a typical decision that he makes annually how many ski jackets to order in the spring for the following ski season. Each jacket costs $ 5 4 and is offered...

Answered: 1 week ago

Question

★★★★★
Choose the correct answer Periodic expense is O insurance payments O grocery expenses O mortgage payments Choose the correct answer. Periodic expense is O Insurance payments O grocery expenses O...

Answered: 1 week ago

Question

★★★★★
huck and his employees have discussed redesigning the process to improve efficiency. Suppose they can increase the rate to 320 boxes per day. What will be their new productivity

Answered: 1 week ago

Question

★★★★★
Free-Response Questions 1. Suppose there are 100 residents on the island of Sunshine. Whenever someone purchases a palm tree to plant on the island, everyone on the island receives the same benefits...

Answered: 1 week ago

Question

★★★★★
manufacturing has its challenges, especially when the product is high production quantities at low margins. This has made quality inspection more common place in manufacturing processes. Which points...

Answered: 1 week ago

Question

★★★★★
Refer to Step 3.3. In the "Constrained" or "Long Only" version of the optimal risky portfolio, what is the portfolio standard deviation? answer as a percentage, with no percentage symbol ("%"),...

Answered: 1 week ago

Question

★★★★★
As a security operative for a Fortune 1000 company, how would I protect my organization's assets?

Answered: 1 week ago

Question

★★★★★
You have recently been promoted to Health Services Manager at Three Mountains Regional Hospital, a small hospital located in a mid-size city in the Midwest. Three Mountains is a general medical and...

Answered: 1 week ago

Question

★★★★★
2. Imagine a real event that was problematic in your past. What images, sounds, emotions, smells and tastes appear? Try to imagine a movie clip of this inci-dent, as it could unfold if the...

Answered: 1 week ago

Question

★★★★★
5. How can I help others in the network achieve their goals?

Answered: 1 week ago

Question

★★★★★
6. Bring to mind a situation where you had a strong sense of satisfaction with what you did. Immerse yourself in the situation. i. How do you feel? ii. What do you hear? iii. What do you see?

Answered: 1 week ago

Previous Question Next Question