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Illustrate the marginal concept

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The theory of the profit maximizing firm presented in the lecture notes is designed to illustrate the marginal concept. The theory suggests that firms (including our generic fishing enterprise - ABC Fishing Inc.) adhere to an economic axiom rather than alternative business strategies. Why might our generic enterprise not follow the "marginal rule" in their fishing behaviour in any given fishing season (hint - how might they react to a change in the ocean and/or business environment in which they operate).

Reference no: EM133080380

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