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Evaluate the extent to which different business objectives may affect a firm’s profits – 20/20 Full Economics Essay Answer: October 2020 Economics Unit 3 Paper on Business Behaviour (WEC13/01)$4.48
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Evaluate the extent to which different business objectives may affect a firm’s profits – 20/20 Full Economics Essay Answer: October 2020 Economics Unit 3 Paper on Business Behaviour (WEC13/01)
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Course
Pearson International Advanced Level Economics
Institution
Pearson International Advanced Level Economics
Book
Pearson Edexcel International a Level Economics Student Book Ebook
This is a full mark (20/20) essay written for Question 10, section C of the October 2020 Economics Unit 3 Paper on Business Behaviour (WEC13/01). It answers: " Evaluate the extent to which different business objectives may affect a firm’s profits" for the Microeconomic course YEC11. It is for IAL...
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October 2020 (IAL) Section C, Question 10:
One key objective a business may pursue is profit maximization, which
should enable the firm to generate the greatest level of profits possible at
a given point in time. According to neo-classical theory, private firms are
assumed to prioritize the objective of profit maximization due to the
interests of shareholders and owners. For these stakeholders, maximizing
profits is crucial to maximize their returns on dividend and to enhance
their wealth through rising share prices. Consequently, private firms are
assumed to strive to operate at the point where marginal cost (MC) equals
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