Question

Genetech corp. has invested heavily to develop a patented new product. genetech wants to achieve a rapid return on its investment. it probably should set a:____.

Answer 1

Genetech corp. has invested heavily to develop a patented new product. Genentech wants to achieve a rapid return on its investment. it probably should set a profit maximization.

Profit maximization in economics refers to the short- or long-term process through which a corporation chooses the price, input, and output levels that result in the largest profit. The firm is typically modelled as maximizing profit in neoclassical economics, which is currently the dominant approach to microeconomics.

Economic and social well-being are indirectly influenced by the profit maximization idea. A company uses and allocates resources effectively when it is profitable, and this results in payments for capital, fixed assets, labour, and organization. Economic and social welfare is achieved in this way.

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