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Consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm. You determine what the two products are. Now create a one page report in Microsoft Word which includes a discussion and analysis regarding how such a supplier makes such a determination in order to maximize the firm s profits. Include in your response: A discussion of exactly what costs are associated with profit maximization. A discussion of the concept of opportunity cost. A discussion of the alternative production opportunities. A discussion of the various constraints which firms face in maximizing their economic profit.

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Consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm. You determine what the two products are. Now create a one page report in Microsoft Word which includes a discussion and analysis regarding how such a supplier makes such a determination in order to maximize the firm s profits. Include in your response: A discussion of exactly what costs are associated with profit maximization. A discussion of the concept of opportunity cost. A discussion of the alternative production opportunities. A discussion of the various constraints which firms face in maximizing their economic profit.

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