MGCR 293 Lecture Notes - Lecture 3: Nikon D90

• School: McGill University
• Department: Management Core
• Course: MGCR 293
• Professor: Kamal Salmasi

Document Summary

Multiple choice questions: the first derivative of total profit with respect to quantity is marginal profit, a function of one argument is maximized when the first derivative is zero and the second is negative, total profit is maximized when marginal profit equals 0, when average profit is increasing with increases in output, marginal profit must be greater than average profit, the slope of a straight line constant, maximum profit occurs wherever the slope of the total revenue function equals marginal cost, the second derivative of the total profit function is the slope of the marginal profit function, average profit is maximized when average profit is equal to marginal profit, whenever average profit is less than marginal profit, average profit increases and increases in output, to increase profit, a firm should, if marginal revenue exceeds marginal cost, increase output, shag express, a hanging lamp retailer has determined that its total cost of retailing lamps is.