Profit Maximisation

We can find the maximum profit in a feasible region by drawing profit lines and expanding them until we reach the outer most corner of the graph. An important thing to remember is that the maximum profit of an item will always be in the corners of the feasible region. Once we create a profit equation, we continue to move the profit line up until it has reached the farthest region to the right. That is where your maximum profit is located on the graph. To find the exact point you can use systems of equations on the two equations of the two intersecting lines (which is talked about in Homework 23 and 26). Now with this point we can plug the point into the profit equation and find the total profit.

Typically, net profit is measured on a quarterly or annual basis. When compared with a company net profit during other periods, it can provide a useful measure for how profitable a company is over time and the overall performance of the company & management team.

The customer service personnel should be in a position to acknowledge their clients and pay attention well to whatever they say and put into practice active listening. They should also give a chance to the customers to respond to the services the company offers perhaps through the enterprise’s website. For any company to prosper, good customer relation is paramount in building a loyal

Throughout this task I will do my best to explain how firms determined to maximize profit do just that. Specifically I will delineate how such firms choose the optimum level of production or output for the goods they produce and how they behave with respect to various elevations of marginal revenue. In my attempt it will be appropriate for me to clarify the definitions of various economic terms in order to assure a proper understanding of my thoughts on this topic, I will provide these definitions throughout.

In order for any business to be successful they would need to know how to make the most profit for the goods they are producing and selling.

Explain how a profit maximizing firm determines its optimal level of output, using marginal revenue and marginal cost as criteria:

This position provides me an opportunity to connect with my employees and customers. I would make it my duty to ensure that all the customers are satisfied by adhering to the alluring mission statement of ‘five star service for everyone at all times’. I would also make certain that all the daily goals I set for myself and my employees are met and exceeded. I will come every day with a sense

In other words, good managing involves a good manager, good staff and good environment. All these three components are entirely related and that makes the manager dependent on their employees, consequently, a good treat for them is a confident action to execute in order to have the best results for the company. From the employee view, it is imperative to sense certain grade of reliance from which you work, therefore employees will perform their job much better knowing that the place where they work is consistent in every managing aspect.

New employment agencies dealing with temp and contract workers face no shortage of challenges regarding profit margins. You need to meet your overhead costs (office rent and supplies, admin, compliance, etc.) and ensure that your team is securing target numbers for placements made.

Swing Manufacturing and Steady Manufacturing both operate in the widget industry, but with radically different cost structures. Swing is a capital-intensive, automated manufacturer, while Steady is a labor-intensive "job-shop." Monthly operating data are as follows:

After this experience, I understand the meaning of profiting. Even though I got 100 points from cheating I also feel guilt, since I am not trained my efforts on an exam. I knew I would lose friends who trusted me so much. Also how disappointed my parents would feel so when the news reach them. Amid all these thoughts and the impending punishment, I had learned my lesson never again cheating.

As stated before, we solved this problem using Linear Programming. Linear Programming is a mathematical technique for maximizing or minimizing a linear function of several variables, such as output or cost. This basically means that it gives you outputs that would tell you how to maximize your profits.

There are two types of customers, Internal as well as external customers. Internal customers are employer, employees, etc. and external customers are who buy products. For effectiveness and efficiency depends on the satisfaction of customers. If internal customers are not satisfied than how can they satisfy external customers? Manager should take care, treat well and help for rights of employees to fulfil the satisfaction of employees. So if internal staff is satisfied than they can be able to work properly and can help to fulfil the requirement of

Most companies are profit oriented. Companies survive and live on profit. Even governmental institutions, NGO's and NPO's are profit oriented, what they do with profit is different though. Saying this means that companies seek always to be at a position where profit is maximized. As we know by now this happens when MC=MR but this is an always changing point as supply and demand are dynamic, effectively meaning that if firms get it right once they can't just do the same eternally, they still need to adapt to every market factor as a new change is a new reality all together that needs to be studied and addressed. All

In order for the service employee to deliver on the customer’s expectations, the company (or management) must provide the necessary resources to fulfill the duties of the job. The success of the firm is also supported by the internal customers, also known as employees, and the satisfaction of these employees can influence the service encounters with external customers (Gremler, Bitner & Evans, 1994). It is imperative that management of the company delivers to the expectations of the employees in order to fulfill business goals and objectives.