How can producers maximize their profit? check all that apply. they can work to increase their marginal cost. they can work to decrease their marginal cost. they can raise prices to increase marginal revenue. the can lower prices to decrease marginal revenue. they can keep marginal costs below marginal revenues. they can keep marginal revenues below marginal costs.

ANSWER: For any producer to gain and maximize profit, they can lower the costs of production and revenues should be greater than the cost. So, the options would be

B) They can work to decrease their marginal cost.

C) They can raise prices to increase marginal revenue.

E) They can keep marginal costs below marginal revenues.

All these factors will either lead to increased revenue and lower costs or only keep the costs low thus maximizing profit.

The producers can maximize their profits by:

Marginal cost is the change in total cost as a result of production of an extra unit. The Marginal cost can be calculated as:

Marginal revenue is the change in revenue that occurs due to sale of an extra unit. It can be calculated as:

Profit is the difference between the revenue earned and the cost incurred in a unit. To maximize the profits, producer can either lower its cost or can increase the revenue by increasing prices.

When cost is more than the revenue, there will be loss. Producer should always keep costs below his revenue to operate in profits.

Therefore the correct options are b, c, and e.

Learn more about marginal cost and marginal revenue here:

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