Asked by
leticia altaie
on Oct 25, 2024
Verified
To maximize total profit from a particular activity,consumers and firms evaluate each activity at the:
A) average.
B) top.
C) margin.
D) end.
Total Profit
The total amount of money gained from a business activity after all expenses and costs have been subtracted from total revenue.
Margin
The difference between the selling price of a product and the cost of producing it, often expressed as a percentage of the selling price.
- Employ marginal analysis across multiple scenarios to identify optimal choices.
- Gain insight into how marginal cost and marginal benefit contribute to the maximization of profit or utility.
Verified Answer
CB
Learning Objectives
- Employ marginal analysis across multiple scenarios to identify optimal choices.
- Gain insight into how marginal cost and marginal benefit contribute to the maximization of profit or utility.
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