Draw a graph with $ on the Y axis and wins on the X axis that includes the following curves: Total Revenue (TR) and Total Cost (TC). Total Revenue should reflect the assumption that fans can be turned off if a team wins too much or too few games. Additionally, assume that teams can buy wins by hiring better players at a constant cost. Label the number of wins that maximizing profit with Wp and the number of wins that maximizing wins without losing money.

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Profit Maximization

Economic activity is related to the use of scarce resources of the economy that are used for producing goods and services which are required to satisfy various demands of the people. In other words, it can be said that it is all about satisfying the unlimited demands of individuals with the limited resources available. The production decision is taken by the producers or the firms. In economics, the terms ‘producers’, ‘suppliers’, and ‘firms’ are interchangeable. Now the question arises, what does a firm actually mean?