By Hervi Moulin
Difficulties of reasonable department, equitable cost-sharing, department of a joint gain, or the alternative of a really democratic balloting rule are typical topics of dispute in technologically complex democracies. This publication presents a accomplished and unified presentation of those technically heterogeneous matters which are associated through universal axioms.
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Extra info for Axioms of cooperative decision making
In other instances, profits may be high or low at the point of revenue maximization. Unlike profit maximization, cost relations are not considered at all. Relative to profit maximization, revenue maximization increases both unit sales and total revenue but substantially decreases short-run profitability. These effects are typical and a direct result of the lower prices that accompany a revenue maximization strategy. Because revenue maximization involves setting MR = 0, whereas profit maximization involves setting MR = MC, the two strategies will only lead to identical activity levels in the unlikely event that MC = 0.
Marginal Analysis: Tables. Sarah Berra is a regional sales representative for Dental Laboratories, Inc. Berra sells alloy products created from gold, silver, platinum, and other precious metals to several dental laboratories in Maine, New Hampshire, and Vermont. Berra’s goal is to maximize her total monthly commission income, which is figured at 10% of gross sales. In reviewing her monthly experience over the past year, Berra found the following relations between days spent in each state and monthly sales generated: Maine New Hampshire Days Gross Sales Days 0 1 2 3 4 5 6 7 $ 4,000 10,000 15,000 19,000 22,000 24,000 25,000 25,000 0 1 2 3 4 5 6 7 Gross Sales Vermont Days Gross Sales 0 1 2 3 4 5 6 7 $ 2,500 5,000 7,000 8,500 9,500 10,000 10,000 10,000 $ 0 3,500 6,500 9,000 10,500 11,500 12,000 12,500 A.
Marginal Analysis. Characterize each of the following statements as true or false, and explain your answer. A. If marginal revenue is less than average revenue, the demand curve will be downward sloping. B. Profits will be maximized when total revenue equals total cost. 4 C. Given a downward-sloping demand curve and positive marginal costs, profit-maximizing firms will always sell less output at higher prices than will revenue-maximizing firms. D. Marginal cost must be falling for average cost to decline as output expands.
Axioms of cooperative decision making by Hervi Moulin
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