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Answer to Question #76948 in Microeconomics for Joy Mungai
Question #76948
With relevant data explain how a firm maximises profits
Expert's answer
A perfectly competitive firm maximizes profits producing such amount of output, for which market price equals marginal cost and marginal revenue (P = MC = MR).
Monopolistic and monopolistically competitive firms maximize profits producing such amount of output, for which marginal cost equals marginal revenue and set the price from the demand curve.
Monopolistic and monopolistically competitive firms maximize profits producing such amount of output, for which marginal cost equals marginal revenue and set the price from the demand curve.
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