. Economists assume that the goal of a firm is to maximize profits.
a. Explain fully how the firm achieves this goal.
If its marginal costs equal marginal revenue.
b. Why do economists use Economic instead of Accounting profits?
Because the first one also counts the opportunity costs of other possibilities of using money and time.
c. Identify and explain FOUR other important goals, in addition to profit
maximization, that firms may pursue?
Cost minimization, economy on scale and the satisfying the demand for product
2. a. Explain how economists use marginal analyses to reach optimal decision
making. Explain how marginal analyses can be used for cost minimization,
revenue maximization and output maximization?
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