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objectives of firms (L2)<br />What a FIRM has as its a1m or target. PROFIT MAXIMIZATION is assumed in many theories of the firm to be the central aim of a firm but research since the 1930s has noted that managers have many other objectives, partly because they are not shareholders directly rewarded in proportion to a firm's profitability. Objectives replacing profit maximization include sales maximization, maintaining (or increasing) a market share and achieving a target rate of return on capital employed. See also: managerial models of the firm; theory of the firm
Averch-Johnson effect (L5)<br />The misallocation in resources resulting from regulatory agencies relating price levels to a 'fair' rate of return. Averch and Johnson asserted that REGULATION of this kind would fail to minimize soCIAL cosT: a firm would not equate marginal rates of factor substitution to the ratio of factor costs. Firms would have an incentive to move into other regulated markets where they would be able to operate at a loss and drive out the lowest cost producers.<br /><em>Reference</em><br />Averch, H.A. and Johnson, L.L. (1962)<br />'Behavior of the firm under regulatory constraint', American Economic Review 52: 1052-69.
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<strong>Financial Assistance and Outreach Group</strong> – The division within the MDHE that administers Missouri' s state aid programs, such as the Charles Gallagher Student Financial Assistance Program.
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