Should a firm produce at an output up to the point three

Reference no: EM13209480

A consultant has advised Consolidated Fish, Inc. that it should cut back its production in order to increase its profits. We can conclude from this that 2. To maximize profits, a firm should produce at an output up to the point where 3.

I. Marginal revenue is the additional revenue from selling one more unit of output.

II. A firm will always produce at an output at which marginal revenue is greater than marginal cost, except when it is minimizing its losses.

Reference no: EM13209480

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