Question

briefly describe what the profit maximisation rule is and comment about the quantity at which SEGOA maximises its profit

Answer 1

Answer:

Profit Maximization Rule Definition

The Profit Maximization Rule states that if a firm chooses to maximize its profits, it must choose that level of output where Marginal Cost (MC) is equal to Marginal Revenue (MR) and the Marginal Cost curve is rising. In other words, it must produce at a level where MC = MR.

Explanation:

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