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QUESTION 5 All firms aim to maximize their profit. What level of output should a firm produce to maximize their profit? Explain using marginal analysis

QUESTION 5

  1. All firms aim to maximize their profit. What level of output should a firm produce to maximize their profit? Explain using marginal analysis concepts and graph(s). 2 Marks

  1. Will producing a profit maximizing quantity guarantee a profit? Explain. 1 Mark

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