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Similarly, the behavior of firms is demystified through simple mathematical functions. A firm’s objective is to maximize profit, defined simply as Total Revenue minus Total Cost. The relationship between inputs and outputs is captured by a production function. Even without calculus, one can understand the Law of Diminishing Marginal Returns by observing the numbers in a simple table or the shape of a curve on a graph. As a firm adds more variable inputs (like labor) to a fixed input (like factory space), the additional output generated by each new worker eventually declines. microeconomics with simple mathematics pdf
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