Would it be possible for firms to calculate their maximum-profit output if they did not use marginal cost and marginal revenue concepts?
Answer to relevant QuestionsWhat is meant by the principal–agent problem? Give two examples of this problem that you havecome across in your own experience.Do behavioral theories of the firm allow us to make any predictions about firms’ prices and output?Can taxes be used to relieve poverty?Why might it be better to ban certain activities that cause environmental damage rather than to tax them?Make out a case for adopting a policy of individual tradable carbon permits, allocated to all citizens within a country. Could such a policy be extended globally?
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