Question: What is the 4 step method for determining whether a firm is generating economic profits, economic losses or zero economic profits? Find the profit maximizing

What is the 4 step method for determining whether a firm is generating economic profits, economic losses or zero economic profits? Find the profit maximizing output, determine total costs, determine the amount of profit. Find the profit maximizing output, determine total costs, find total revenues, determine the amount of either profit or revenue. Find the profit maximizing output, determine total revenue, determine the amount of loss. Find the profit maximizing output, determine total revenue, find total costs, determine the amount of either profit or loss

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