Optimization -...

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Optimization   -  To maximize utility by making the most effective use of available  resources, whether they be money, goods, or other factors.  Price Ceiling   -  Maximum price set by the government on a specific good. Usually is  set below market price, causing a shortage.  Price Floor   -  Minimum price set by the government on a specific good. Usually is set  above market price, causing a surplus.  Price-taker   -  Concept that in a competitive market, buyers and sellers cannot decide  what price they will accept, since they have no significant influence on the much larger  market. Instead, they have to accept the market price and make their decisions  accordingly.  Profit   -  Actual amount that a firm makes from selling a good. It is equal to Total  Revenue (TR) - Total Cost (TC).  Seller   -  Someone who sells goods and services to a buyer for money. 
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This note was uploaded on 12/13/2011 for the course ECO 1320 taught by Professor Staff during the Fall '11 term at Texas State.

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Optimization -...

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