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Importance of maximization of total profit

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Reference no: EM131507436

1. Explain economies of scale and the important role they play, focusing on Fixed Costs and the pricing/output decisions of an industry.

2. Describe short-run and long-run costs and explain their role in a firm's decision making.

3. Explain marginal analysis and the importance of maximization of total profit.

Reference no: EM131507436

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