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firms are not just choosing what goods or services toproduce but also how to produce them
Possible connection to reasources, and how the market affects said reasources
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A profitable firm is like a chef whobrings home $30 worth of groceries and creates an $80 meal
Example of a maximization of profit
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For example, you may derive some satisfaction from whacking your bosson the head with a canoe paddle at the annual company picnic. But thatmomentary burst of utility would presumably be more than offset by thedisutility of spending many years in a federal prison.
The cost of this example outweighs the benifit or the utility.
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No. She simplyderived more utility from saving her money and eventually giving it awaythan she would have from spending it on a big-screen TV or a fancyapartment.
An example of an induvidual's maximum utility
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It is simply badeconomics to impose our preferences on individuals whose lives are much,much different
It is a difference of WANT or NEED
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