Picture the curve. The total revenue curve originates at the origin.
12. Following the MC = MR rule to profit maximization tells us how much profit can be
13. Setting P = ATC allows us to calculate total profit or loss.
14. If, at its profit-maximizing output level, the price of the good is less than average variable
cost, the firm should shut down immediately.
15. Corporate managers and stockholders usually have the same goal of maximizing profit.
16. According to William Baumol, many corporate managers engage in empire-building.
17. Adam Smith believed that the rich derive the most enjoyment from their wealth by
knowing that others observe their consumption.
18. The Marshall Kiwanis Club noticed the organizer of their bratwurst booth, at the
Celebrate Marshall Festival, seemed more interested in the size and flair of their booth
than the cost of achieving it. This excessive interest in prestige of the booth rather than
profits made for charity is an example of stakeholder rights.
19. The profit outcome achieved by setting MC = MR is the same as that achieved by setting
TR = TC.
20. For the level of output, Q, firm profit is the same whether measured by TR – TC or
(AR – AVC) * Q.
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