Unformatted text preview: optimize on their transactions. f. Optimization means simultaneous maximization and minimization . g. As a consumer one attempts to maximize utility or satisfaction and minimize expenditure . h. As a producer one attempts to maximize profits and minimize cost of production ....
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This note was uploaded on 11/26/2011 for the course ECON MICRO ec 201 taught by Professor - during the Fall '10 term at Montgomery.
- Fall '10