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Microeconomics

Chapter 9

TermDefinition
Profit Maximization The primary goal of a firm: To achieve the most profit possible from its production and sale of goods or services.
Profit Income earned by entrepreneurs.
Total Revenue (TR) The price of a good multiplied by the number of units sold.
Average Revenue (AR) Total revenue divided by the quantity of good or services sold.
Marginal Revenue (MR) The change in total revenue generated by the sale of one additional unit of goods or services.
MR = MC Rule The guideline used by a firm to achieve profit maximization.
Shutdown The cessation of the firm's activity. The firm's loss minimization occurs at zero output.
Stakeholder Someone who has a personal and consequential interest in the viability of the firm.
Loss minimization Faced with the uncertainty of incurring losses, the firm's goal is to incur the lowest loss possible from its production and sale of goods and services.
Created by: boylel13
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