Firms maximize profits Profit = Total Revenue = TR Profit = TR – TC At what level of output is profit max? So lets use MC=MR! Profit = TR – TC At what level of output is profit max? Price? Profit maximizing output level? Price? Is this firm making a profit or loss? Market adjustments will be made in the long run? Is this firm making a profit or loss? Market adjustments will be made in the long run?
Firms maximize profits Profit = Total Revenue = TR Profit = TR – TC At what level of output is profit max? So lets use MC=MR! Profit = TR – TC At
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