a. State the rules used for unconstrained (regular) optimization and for constrained optimization. b. Using your own words, explain the rationale behind each stated rule as if you were explaining them to someone who has not yet completed this course: c. What doe economist mean when they use the term marginal? d. State how to compute Profit and explain how account profit and economic profit provides different insights to a firm’s current operations.
a. State the rules used for unconstrained (regular) optimization and for constrained optimization. b. Using your own words, explain the rationale behind each stated rule as if you were explaining them to someone who has not yet completed this course: c. What doe economist mean when they use the term marginal? d. State how to compute Profit and explain how account profit and economic profit provides different insights to a firm’s current operations.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Throughout this course, we have solved many optimization or profit maximizing problems.
a. State the rules used for unconstrained (regular) optimization and for constrained optimization.
b. Using your own words, explain the rationale behind each stated rule as if you were explaining them to someone who has not yet completed this course:
c. What doe economist mean when they use the term marginal?
d. State how to compute Profit and explain how account profit and economic profit provides different insights to a firm’s current operations.
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