how is the economic concept of profit maximization used in monopoly game board ?
Saturday, February 6th, 2010 at
10:07 am
im working on a reflection of monopoly( game) where we have to link up economic concepts to it . One concept that i don’t understand prescription drugs without a prescription online how to link up for this assignment is profit maximization?
please help me guys 
well the way i look at it is, profit maximizing point on a graph is when MC=MR. in the case of the monopoly board MC is the cost of buy one extra street, station, house or hotel and marginal revenue is the amount you will earn for owning that one extra place. people tend to buy the place that will earn them the most money relative to the price. for instance I tend to buy all the stations because they cost 200 each but once i have all 4 i will earn 200 each time some one steps on it. i.e MC=200 and once i have all 4 stations MR=200. likewise people tend to buy all 3 places of the same colour because it increases their MR while MC stays the same.