The objective of the firm
6 important questions on The objective of the firm
Economics can be defined “the study of how scarce resources are or should be allocated”.
Explain how profit maximisation and cost minimisation connect to this.
What is profit maximisation with quantities fixed, e.g. due to binding production quotas?
What happens if a firm is not a price taker anymore, i.e. it’s supplied quantity affects prices?
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What is the consequence of this property for the value of the marginal product (VMP)?
What does it mean – in words – that a supply function is homogenous of degree zero?
Why is quantity (L) in the profit function and why is the quantity of variable inputs (x) not in the profit function?
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