Overcome Apprehensions about Profit Maximisation and Competitive Supply with Services of Myhomeworkhelp.com
Demand and supply theories are the essence of economics. Together with this comes profit maximisation techniques. As these are integral parts of economics, students will benefit from an in depth knowledge.
How do firms attain profit maximisation?
The motive of every firm is to derive maximum profits from their resources. Students search for profit maximisation and competitive supply homework help for gaining insight into these ideas.
- For maximising profits, costs should be minimised.
- Production should be at optimal level so that there is no excess or shortage of supply.
- Income from sales should be at optimum level.
- A comparison of marginal costs with marginal revenues will help attain maximum profit.
Understanding related terms
For a thorough understanding of topics for profit maximisation and competitive supply assignment help, we have to first know meanings of terminology used in studies.
- Marginal cost:
It refers to the additional cost to be incurred on producing one extra unit of product. It takes into account only the variable costs as fixed costs will be incurred irrespective of level of production.
- Marginal revenue:
The additional income obtained from sale of one extra item is called as marginal revenue. Marginal costs and income are analysed to find maximum profit that a firm can earn.
- Perfect competition:
This is an area where students mostly resort to profit maximisation and competitive supply homework help. It is a market condition where monopoly is entirely absent. All firms have relatively small market share. Firms have no control over prices. This scenario does not often exist, though theoretically it is very important.
- Supply curve:
This is supply and demand situation plotted in a graphical manner. It denotes relation between price of products and quantity that supplier is willing to provide at that price.
Problems faced by students in learning
Profit maximisation related topics are perceived as stumbling blocks by most students. Myhomeworkhelp.com tries to ease these troubles by assisting students in every step. Let us analyse why students are desperate to get hold of profit maximisation and competitive supply assignment help.
- Conceptual difficulties:
Undoubtedly, most of economics topics demand lots of effort and dedication from students. Lack of basic knowledge of underlying concepts can work to your disadvantage.
- Practical problems:
More than theory, it is a problem-solving questions which get on student’s nerves. You will be given hypothetical data about costs and revenues. It requires expertise to arrive at solutions from myriad of data provided.
- Symbols and equations:
Equations are found on almost every topic. For profit maximisation, there are alternate equations with lots of symbols. It is time-consumin gto learn all of them.
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