What Are the Two Difficulties That May Make Profit Maximization

question 3

Essay

What are the two difficulties that may make profit maximization an ambiguous guide to decision making? Explain.

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Definitions:

Pediment

A gently sloping, low-relief plain or erosion surface carved onto bedrock, commonly with a thin, discontinuous veneer of sediment.

Alluvial Fan

A fan-shaped deposit formed where a fast-flowing stream flattens, slows, and spreads typically at the exit of a canyon onto a flatter plain.

Glaciers

Massive, slow-moving rivers of ice that form in regions where snowfall exceeds snowmelt over many years.

Air Temperatures

Refer to the current state of the atmosphere's warmth, measured in degrees Celsius or Fahrenheit.