Profit Maximization, Revenue Maximization and PED in Pure Monopoly
17:11
YouTubeJason Welker
Profit Maximization, Revenue Maximization and PED in Pure Monopoly
This lesson will examine the profit maximization rule as it applies to a pure monopolist, and introduce the revenue maximization rule, which tells a monopolist the quantity it should produce at in order to earn the maximum level of revenues possible. We will examine the level of economic profits earned at one level compared to the other ...
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Profit Maximization Explained
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