Profit Maximization and Cost Minimization with Price-Taking

Takashi Hayashi ()
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Takashi Hayashi: University of Glasgow

Chapter Chapter 14 in Microeconomic Theory for the Social Sciences, 2021, pp 189-200 from Springer

Abstract: Abstract Firms as described in the analysis of competitive market are a pretty boring existence. They are just like a machine which automatically maximizes profit. In their “established form,” you might not see any dynamism you would imagine from real businesses. Nevertheless, it is seen to be a good description of the “limit form” of business activities.

Date: 2021
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DOI: 10.1007/978-981-16-3541-0_14

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