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Why do economists measure profit differently from accountants?
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- At what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?Give an example of an opportunity cost that an accountant would not count as a cost. Why would the accountant ignore this cost?The optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business? Explain.
- What are two examples of variable costs?Why might marginal product be increasing at lower levels of output and decreasing at higher levels of output?The optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business?
