Firms and production - Theory of the firm
5 important questions on Firms and production - Theory of the firm
What is the primary goal of consumers and producers according to the theory of the firm?
- Consumers aim to maximize utility.
- Producers convert inputs into outputs to:
- - Minimize costs.
- - Maximize profits.
What is the primary concern for firms, according to the notes?
- Firms focus on profit making.
- Profit is calculated as revenue minus cost.
- Revenue is price multiplied by quantity (revenue = price x quantity).
What are the three types of firms and examples mentioned?
- Private (e.g., Toyota).
- Public (e.g., NZ Post).
- Not for profit (e.g., Red Cross).
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How can a firm maximize profit based on the notes?
- To maximize profit, a firm must be efficient.
- Efficiency involves using the minimum inputs for the maximum output.
- There is a sweetspot for profit maximization beyond efficiency.
Describe the different legal forms of organization for firms.
- Owned by a single person.
- - Liable for all aspects.
- Joint ownership.
- - At least two people liable jointly.
- Owned by shareholders.
- - Liability depends on stock held.
- - Owners have limited liability (LLC).
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