Question

Suppose that through laziness and/ or sheer stupidity, Densa Inc. always falls 10 percent short of producing the profit- maximizing output. Would a higher product price lead to greater output? Would an increase in input prices lead to a reduction in output? Does this result suggest why economists are not overly concerned about whether the profit- maximizing assumption is exactly correct? Explain.



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  • CreatedNovember 14, 2014
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