Profit Maximization, Revenue Maximization and PED in Pure Monopoly
Автор: Jason Welker
Загружено: 2012-03-06
Просмотров: 156943
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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. Additionally, we will look at the price elasticity of demand for a monopolist's product by revisiting the total revenue test of elasticity.
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