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A firm is currently operating where the MC of the last unit produced is $64, and the MR of this unit is $70. Which of the following would increase profit?
Algorithm
A specific procedure or set of rules to be followed in calculations or problem-solving operations.
Availability Heuristic
is a cognitive shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.
Representativeness Heuristic
A cognitive shortcut used in decision making, where the likelihood of an object belonging to a category is judged based on how similar it is to one's conception of that category.
Algorithms
A set of rules or instructions given to perform a task or solve a problem, commonly used in computer programming and mathematics.
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