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While many developed economies have succeeded in closing the gender gap in education, few have succeeded in maximizing the returns on this investment.
to increase to the greatest possible amount: to maximize profits. to make fullest use of: to maximize one's potential. max i mize (makβ² sΙ mΔ«zβ²), v.t., -mized, -miz ing. to increase to the greatest possible amount or degree: to look for ways of maximizing profit.
β β β©Ύ In other words, the sign of the change in the maximizing x is the same as the sign of the change in p. If replaces in (1), then the sign of the change in x is the opposite of the sign of the change in β©½ β©Ύ p. For minimization rather than maximization the sign of the efect is reversed. Proof : By definition of maximization, we have
q = 196 = 49. profit-maximizing level of production i 1 If mΟ = mr β mc = 0, then mr = mc. This is known as the first-order condition for a profit maximum. Second, find the firmβs profit-maximizing price p by substituting q* = 49 into the inverse demand function (Equation 4): = 200 49 = 200 β 98
Profit-Maximizing Output Level (if output should be produced at all), rule for finding MR = MC
