Hotel Industry. Mathematics & Economics Coursework (Coursework Sample)
EVALUATION OF THE VARIABLE AND FIXED COSTS AS WELL AS THE ECONOMICS OF OPERATING a hotel.source..
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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