https://padlet.com/yeochanglong/guixadhxsl7z en-us 2016-10-27 13:20:15 UTC 2025-10-07 15:27:53 UTC hello@padlet.com yeochanglong https://padlet.com/yeochanglong/guixadhxsl7z/wish/133605318 Today we learned that firms maximize profits by choosing the quantity that corresponds to the MC=MR point. MC represents how much is added to cost when output increases by one unit. MR represents how much is added to revenue when output increases by one unit. When MR>MC, firms ... ]]> 2016-10-27 13:21:27 UTC https://padlet.com/yeochanglong/guixadhxsl7z/wish/133605318 yeochanglong https://padlet.com/yeochanglong/guixadhxsl7z/wish/133606181 Our group learned about why perfectly competitve firms are price takers. Because there are a large number of small firms, the price is decided by the market. If the firm charges above the market price, no one will buy from the firm. On the other hand when the firm charges below the market price, ...  ]]> 2016-10-27 13:23:46 UTC https://padlet.com/yeochanglong/guixadhxsl7z/wish/133606181