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Profit Maximization
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take the derivative of the profit formula equal to zero profit is maximized at the quantity where marginal revenue at that quantity is equal to marginal cost at that quantity. all of the units that add incremental profit are produced and none of the units that create incremental losses are produced.
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- take the derivative of the profit formula
- equal to zero
- profit is maximized at the quantity where marginal revenue at that quantity is equal to marginal cost at that quantity.
- all of the units that add incremental profit are produced and none of the units that create incremental losses are produced.
- profit is maximized at a quantity of 3.
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