MANAGEMENT

Detailed explanation-1: -There are four key areas that can help drive profitability. These are reducing costs, increasing turnover, increasing productivity, and increasing efficiency. You can also expand into new market sectors, or develop new products or services.

Detailed explanation-2: -Profit maximisation is a process business firms undergo to ensure the best output and price levels are achieved in order to maximise its returns. Influential factors such as sale price, production cost and output levels are adjusted by the firm as a way of realising its profit goals.

Detailed explanation-3: -Managing a business is a simple matter. It is based on maximizing revenues and minimizing expenses. Profit is simply the difference between the two, and a result of this effort. Therefore, we need to be concerned only with maximizing revenues and minimizing expenses.

Detailed explanation-4: -Revenue Maximization vs Profit Maximization To make it simple, Revenue Maximization is a point at which a business keeps selling until marginal revenue does not fall negative. Profit maximization is when a business sells to a point at which its marginal cost does not increase its marginal revenue.