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Profit Maximization Assignment help !

Profit maximization is a process by which a firm determines the price and output of a product that yield the greatest profit. A producer’s equilibrium is a situation in which he maximizes his profits and minimizes his loss. There are two methods for determination of Producer’s Equilibrium: Total Revenue and Total Cost Approach (TR-TC Approach) Marginal Revenue and Marginal Cost Approach (MR-MC Approach)   # CONCEPT OF COST : In order to produce goods, a firm uses various inputs such as raw material, land, labour, capital etc. The expenditure incurred on these inputs is known as cost of production. Any cost incurred in…


Supply & Demand Analysis !

INTRODUCTION : Economics is all about human behavior, concerned with allocation of scare means in such a way that consumers can maximize their satisfaction, producers can maximize their profits and society can maximize its social welfare. It is broadly classified into two parts : Micro economics Macroeconomics Microeconomics studies economic relationships or problems at an individual level whereas Macroeconomics studies economic relationships and and problem at level of economy as a whole. Despite being different branches of economics, both are interrelated to each other. SUPPLY AND DEMAND ANALYSIS : In microeconomics, supply and demand are the important determinants of market. In…

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