Pa map

Pa map for Should the price rise above $20 per unit and/or the amount of output exceed 100 units of output, this firm’s total revenues would rise and, assuming fixed or sticky costs, total profits would rise as well. Firms can also maximize profits by decreasing total costs. Total costs can be expected to drop as a result of a decrease in a firm’s explicit costs of production (e.g., a drop in wages or a drop in the price of a key input in a firm’s production process) or alternatively as a result of an increase in factor productivity. An increase in factor productivity will boost the level of output a firm can expect to receive from a particular resource and consequently will push down unit costs until the price of the resource rises. Consider, for example, an employee working for $10 per hour who originally produced 5 units of output per hour. Pa map 2016.

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