Economics Coursework
VII. When nominal sales revenue is at its maximum point, does this also mean that profits for the sellers of oil are at a maximum point?
In order to understand if when sales revenue is at its maximum point then profits for the sellers of oil are at a maximum point, we have to understand these two concepts which are profit and revenue. Consecutively, we will first define these two terms so as to understand how these can be maximised and finally how they are related.
The sole real objective of an oil seller is to generate massive amount of profits so as to make the firm grow by increasing its output and decreasing its costs as defined by the theory of economies of scale. So what is profit?
Profit can be defined as the excess of total revenue over total cost during a specific period of time. Total revenue being the quantity of output produced times the selling price of a single output and total cost being the quantity of output produced times the cost of a single output.
In......
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