Profit Maximisation Profit is the return for entrepreneurial risk-taking. In economics the definition of profit differs from that of accounting.
{"Image DocumentName": "Profit MaximisationProfit is the return for entrepreneurial risk-taking. In economics the definition of profit differs from that of accounting.", "Image ImageDescription": "Profit = Normal profit + Supernormal profit. Where Normal profit is the minimum acceptable return to the entrepreneur. It is the opportunity cost of his enterprise. It is sometime known as breakeven profit. Supernormal profit is the level of profit over an above normal profit. How to know where profit is maximised? Two approaches to get the profit maximising output level. Total Revenue and Total Curve Approach. Mathematical Approach (Using MR and MC)", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}