Brexit latest. UK Election called for 12th December.Read more
Profit maximisation is at 4 units, with supernormal profits at £70,000. This is also where MC MR, at £40,000.
Sales revenue maximising = 6 units, but the firm would make a loss of £20,000.
Efficiency at profit max - ATC is £52,500 – the lowest possible average total cost is £50,000, hence there is a loss of productive efficiency. The price, of £70,000, is greater than the marginal cost, of £40,000, hence there is also allocative inefficiency.
UK economy contracts by 0.2% in 2nd quarter of 2019.Read more
Regulators find leading model agencies guilty of price fixing.Read more
Costs and benefits of customs unions.Read more
Savings ratio falls to lowest level on record.Read more