Question

Explain producers equilibrium using a schedule

Answer 1

Answer:

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Explanation:

Producer's equilibrium is often explained in terms of marginal revenue (MR) and marginal cost (MC) of production. Profit is maximized (or a producer strikes his equilibrium) when two conditions are satisfied – (i) MR = MC, and (ii) MC is rising (or MC is greater than MR beyond the point of equilibrium output).

Answer 2

Explanation:

According to TR-TC approach, producer's equilibrium refers to stage of that output level at which the difference between TR and TC is positively maximized and total profits fall as more units of output are produced.Total profits fall after that level of output.

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