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Pages:
1 page/≈275 words
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Level:
APA
Subject:
Mathematics & Economics
Type:
Coursework
Language:
English (U.S.)
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Topic:

Hotel Industry. Mathematics & Economics Coursework (Coursework Sample)

Instructions:

EVALUATION OF THE VARIABLE AND FIXED COSTS AS WELL AS THE ECONOMICS OF OPERATING a hotel.

source..
Content:


Hotel Industry
Institutional Affiliation
Date
Hotel Industry
Relationship Between Production and Costs and the Objective to Maximize Profits in Different Market Types
Every market type has different objectives in its attempt to maximize its profit margins. For a perfect competition market, a firm should maximize when its marginal revenue equals the marginal cost, which is also to the amount demanded, that is, MR=MC=D. At this point, the firm makes the highest amount of profits. In a monopoly market, it produces to a point where marginal revenue equates to marginal cost, which is MR=MC. At this point, it makes supernormal profits. 

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