Examlex
Suppose a firm has the following total cost function TC = 100 + 2q2.If price equals $20,what is the firm's output decision? What are its short-run profits?
Productivity Inefficiencies
Situations where resources are not utilized in the most effective way, leading to decreased output or increased costs without proportional benefits.
Lost Revenue
Refers to the money that a business could have earned but did not, due to various factors such as cancelled services or unsold inventory.
Profit
The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Continuous-process Production
A manufacturing method where materials are continuously fed into the process, resulting in a constant output of finished products.
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