Consider marginal revenue mr and marginal cost mc to answer, Microeconomics

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Consider marginal revenue mr and marginal cost mc to answer

Consider Marginal Revenue (MR) and Marginal Cost (MC) to answer this question.

(a) Explain how MR and MC are used to determine the optimal (maximum) allocation of resources to a particular product?

(b) Assume a position of business manager in certain firm. You just realized that MC exceeds MR. What will be your decision in allocating resources to this particular product? Explain why

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Microeconomics: Consider marginal revenue mr and marginal cost mc to answer

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Microeconomics: Consider marginal revenue mr and marginal cost mc to answer

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