(a) ‘To maximize the profit you need to sell your output at the highest price.’ (b) ‘Elasticity of demand deals with the extent to which costs increase as demand increases.’ (c) ‘Provided that the price is large enough to cover the marginal cost of production, the sale should be made.’ (d) ‘According to economic theory, profit is maximized where total cost equals total revenue.’ (e) ‘Price skimming is charging low prices for the output

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A To maximize income you want to promote your output at the best charge There is one rule this is usually genuine in regards to maximizing income It is genuine for each product in each marketplace str... View the full answer