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  Profit Maximization and Deriving Marginal Revenue Curve

Profit maximizing quantity

π (Q) = TR(Q) − TC(Q) .............(1)

(Economic profit) = (sales revenue) – (economic costs)

(Accounting profit) = (sales revenue) – (accounting costs)

125_profit maximizing graph.jpg

473_profit maximization formula.jpg

Deriving Marginal Revenue Curve:

2035_deriving marginal revenue curve.jpg

Amoroso-Robinson Formula:

394_amoroso robinson.jpg

Since demand curve is downward sloping, ε D is always positive. So MR is lower than AR (average revenue, i.e. Price). MR < P .

Ifε D = ∞(horizontal demand, infinitely elastic demand, or Q = 0), MR = AR(= P) .

Marginal Revenue, Price Elasticity and Total Revenue:

1954_marginal revenue-price elasticity-total revenue.jpg

Profit Maximization: Revisited

a) Oversimplification problem
b) Any alternative ways?
c) Asymmetric Information

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