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Costs should be managed to maximize profits. Comment on this statement.
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- I don't understand the concept for this.Suppose that you want to open a new business or purchase an existing one. Describe that business. What good or service would you provide? Where would you be located? What would be some explicit costs of starting the business? What would be some implicit costs?Write down the problem the car manufacturer solves to find the levels of 'K' and 'L' that minimize cost. What two equations are used to solve it?
- Evaluate the factors affecting firm behavior, such as production and costsMarty used to be a bartender making $5,000 a year but he quit in order to become a clown that does shows at birthday parties. His clown car and costumes cost $7,000 and he did a lot of shows in the past year, making $13,000 in revenue but paying $2,000 in variable costs for balloons, gas, etc. Marty asked an accountant and an economist to calculate his profit. What did they report?Identify the total cost and total revenue