Maximizing profits means to ______. a. create a balance between seeking economic profits and seeking accounting profits b. reinvest accounting profits in an effort to increase production outputs in the long run c. increase the difference between what is given up for inputs and what is received for outputs d. operate in an output range in which the firm experiences constant returns to scale

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.