Differences between revenue-maximization and profit-maximization in terms of output, price, and profit.?
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I want to know what is revenue maximization and profit maximization from a economic standpoint
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Answer:
Revenue maximization means to maximize the profit function without regarding of costs constraint.For example, in the case of unit elasticity, the revenue curve will be maximized. Profit maximization means to maximize the different between total revenue and total cost. The firm's profits will be maximized when MC=MR.
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