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Sagot :
Option (1) $10000 is the profit maximizing level of output.
Define profit maximization.
In the field of economics, the word "profit maximizing" refers to the short- or long-term process by which a company selects the prices, input levels, and output levels that will result in the highest possible overall profit.
Profit is determined by the following formula:
Profit = Total Revenue - Total Cost.
As a result, when the first order is:
MR = MC
That is when Marginal Revenue is equal to Marginal Cost, and when the second order depends on the first order, a corporation maximizes profit. This concept differs from wealth maximization in terms of the time frame for turning a profit and the goals of the business.
A monopolist is a person, organization, or company that dominates and controls the market for a specific good or service. The monopolist has the power to set high prices because there are no substitute goods or services or competitors.
To know more about profit maximization, visit:
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