Question

Explain the concept of welfare maximisation in business firm

Answer 1

Welfare maximization means increase the welfare activities in the business for employees. In other words, it means increase the employees welfare.

Welfare maximization plays an important role in the business working.. It is important for business as profits is the motive of every business..

It also helps in the achievements of other goals of the business. It increases the welfare activities for the employees so that they can work with free mind and helps in achieving business goals. They know that his or her goals achieve only, if they achieve business goals...