Firms and production - Profit Maximisation
4 important questions on Firms and production - Profit Maximisation
What is the primary assumption about firms in profit maximization?
- Firms are assumed to only care about profit.
- Without profit, firms wouldn’t exist.
- Decisions are made for profit at the expense of other factors.
- Price and quantity decision is one decision, not two.
What is involved in making one decision in a market according to the mind map?
- One decision involves:
- - Setting one variable (either price or quantity).
- - Market determining the other variable.
- Factors influencing decision:
- - Price x Quantity
Describe the concept of price and quantity decision-making in firms.
- Price × Quantity decision is one single decision.
- Setting price allows consumers to determine quantity.
- Setting quantity allows consumers to determine price.
- Both sides of the market impact this decision.
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Provide an example illustrating brand appeal and profit maximization.
- Example: Fancy bottle sold due to brand appeal and status.
- Firm sells terrible wine for cheap, prioritizing profit.
- Decisions focus on maximizing revenue over product quality.
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