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Theory Of The Firm-are Firms J
Part 1 of Paper
.... firms make their decisions on supply and output on the basis of profit maximisation.
However many Economists and managerial Scientists in our days question that the sole aim of a firm is the maximisation of profits.
The most serious critique on the theory of the firm comes from those who question whether firms even m.... Part 2 of Paper
....t, the higher the owners’ income. Hence the owners goal will be profit maximisation.
When managers’ salary stays unaffected by higher profits they may pursue other goals to raise their personal utility.
This behaviour strikes the critical observer regularly when for example reading or watching the financial media. Managers there often rather mention the rises in sales or the growth of their company rather then the profits. Some economists like Begg (1996) argued that managers hav.... |
| Number of words: 1231 - Approximate pages: 5 |
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