Answer to Question #201853 in Economics for Shahid

Question

explain the term neccessry and sufficent in term of farmer seeking to maximize profits in the feeding of dairy cattle for milk production?

Answer 1

The term necessary means that the condition must hold for the event to occur. In this case, the slope of the profit function must be equal to zero if the function is to be maximized.

If the sufficient condition is present, the event will always occur. Thus a sufficient

condition for profit maximization means that if the condition holds, profits will always be

maximum.