A firm can maximize profit (net benefit) by choosing to produce that level of output at which
A) the difference between the additional revenue from the last unit sold and the additional cost of that unit is maximized.
B) the additional revenue from the last unit sold equals the additional cost of that unit.
C) the additional revenue from the last unit sold is just a little more than the additional cost of that unit.
D) total revenue equals total cost.
Questions 30 through 33 refer to the following:
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a year.
Correct Answer:
Verified
Q3: an unconstrained maximization problem
A)the decision maker seeks
Q11: Choice variables
A)determine the value of the objective
Q21:
A toy manufacturer is experiencing
Q22: A clinic uses doctors and nurses optimally
Q23: A clinic uses doctors and nurses optimally
Q25:
A manager in charge of
Q26: Gigi consumes only Perrier and cheese. In
Q27: When the choice variable is a continuous
Q28: Gonzo consumes only two things--coke and hot
Q29:
A manager in charge of
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