Justify (with maths!) why your strategy would double the profit.

Fill in the Blank QuestionFill in the blank question.To maximize profit, a firm should add additional units of a specific resource as long as each successive unit adds more to the firm's total than it adds to the firm's total . (Enter one word in each blank.)

Using the same graph, what is the specific reason for why a profit-maximizing firm would not want to produce 480 units of output?Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.amarginal cost (MC) would exceed marginal revenue (MR)bmarginal cost (MC) would exceed average total cost (ATC)cprice would exceed average total cost (ATC)daverage revenue (AR) would exceed average total cost (ATC)

Imagine if we are doing the following experiment, you will earn the following payoff depending on your subsequence/ranking (r) of entering an industry. Profit=$50*[c+1-r)/(1+2+…+c)], where r = 1,2,3 … c and c is the market capacity However, if you are ranked after the market capacity (c), you will need to pay $10. In other words, your profit will be -$10. Assuming that the market capacity is 4, and there are 12 players/entrants. Part (a): What is the total industry profit or loss if there are 2 actual entrants? (Note: Please enter your answer rounded to the nearest whole dollar. For instance, if your answer is $45.78, input 46 into your answer box.) (2 marks) Part (b): What is the total industry profit or loss if there are 5 actual entrants? (Note: Please enter your answer rounded to the nearest whole dollar. For instance, if your answer is $45.18, input 45 into your answer box.) (2 marks) Part (c): At what rank will the total industry profit or loss be zero? (Note: Please enter your answer as a whole number or integer. For example, if your answer is 9, input 9 into your answer box.) (1 mark)

In economic pricing, which principle is used to maximize profits?

Why do most business aim to maximise profit?