Profits or Losses, economics assignment help


Question Description

Consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm. You determine what the two products are.

Now create a report that includes a discussion and analysis regarding how such a supplier makes such a determination in order to maximize the firm’s profits. Include in your response:

  • A discussion of exactly what costs are associated with profit maximization.
  • A discussion of the concept of “opportunity cost.”
  • A discussion of the alternative production opportunities.
  • A discussion of the various constraints which firms face in maximizing their economic profit.

In responding to this assignment, quotations, paraphrases, and ideas you get from books or other sources of information should be cited using APA style

Tutor Answer

School: Boston College


Profit or losses? – Outline
Thesis statement: Profit maximization goes hand in hand in minimizing cost and working
efficiently regardless of the constraints available.


Cost related to Profit maximization
A. Variable cost
B. Fixed cost
C. Marginal cost


Constraints identified
A. Financial resources
B. Time limitation
C. Other resources e.g. human resource limitation

Running head: PROFIT OR LOSSES?


Profit or losses?
Student Name


Profit or Losses
The Concept of Profit Maximization

Profit maximization is the process whether short run or long run in which a firm
determines the price of the output in which it will be able to maximize its profits (Monroe,
1990). Maximum profit can be achieved through setting a high price on the output while at
the same time...

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Good stuff. Would use again.

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