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We discussed uses of economic principles in making production decisions on farms. Use marginal product, marginal cost and marginal revenue concepts as needed to answer
We discussed uses of economic principles in making production decisions on farms. Use marginal product, marginal cost and marginal revenue concepts as needed to answer the following questions.
- What is the rule for maximum production?
- What is the input rule for maximum profit?
- What is the output rule for maximum profit?
- Why is the maximum profit not at the same level as maximum production?
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Macroeconomics Principles And Policy
Authors: William J. Baumol, Alan S. Blinder
11th Edition
9780324586213
