February 2016
Beginner to intermediate
500 pages
33h 40m
English
Content preview from Managerial Economics and Strategy, 2/eBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Summary
Ownership and Governance of Firms. For-profit firms are normally organized as sole proprietorships, partnerships, or corporations. Owners may manage small companies (particularly sole proprietorships and partnerships) themselves, but owners of larger firms (particularly corporations) typically hire managers to run such firms. Government-owned firms and nonprofit firms normally have objectives other than profit maximization.
Profit Maximization. Most firms maximize economic profit, which is revenue minus economic cost (opportunity cost). A firm earning zero economic profit is making as much as it could if its resources were devoted to their best alternative uses. To maximize profit, a firm must make two decisions. First, the firm determines ...
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