Case rules for producing at least cost and maximizing profit

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For a given firm the MRPL = $50, and the MRPK = $100, while the PL = $10 and the PK = $20. What are the general case rules for producing at least cost and maximizing profits? Is the above firm maximizing profits? Why or why not? What (if anything) can the firm do to increase their profits?

Reference no: EM13985956

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