(Answered) Second order condition for profit maximization when the

Management Studies

Second Order Condition for profit maximization when the output y is the decision variable dMR/dy-dMC/dy<0 which says marginal revenue is falling faster than marginal cost. In pure competition, dMR/dy=0, so marginal revenue isn't falling, so dMC/dy must be >0, marginal cost must be increasing.

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