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Outline briefly the managerial criticisms of the profit maximising firm; Compare and contrast the Neo-classical profit maximising model with the management model of Baumol.
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Outline briefly the managerial criticisms of the profit maximising firm - Compare and contrast the Neo-classical profit maximising model with the management model of Baumol.
... maximise revenue, by setting a price lower and output higher than standard profit maximising. However on investigation, Baumol s model was also found to have weaknesses, the absence of a time factor ...