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In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.
moarginal product of labor
I'm thinking that marginal revenue product is the marginal revenue on one product, and marginal revenue is the marginal revenue on the whole firm sales... I'm wondering the same thing but the above response is incorrect. both terms imply values on one item as indicated by the "marginal"
price = marginal revenue. marginal revenue > average revenue. price > marginal cost. total revenue > marginal co
A company maximizes profits when marginal revenue equals marginal costs.
In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.
moarginal product of labor
I'm thinking that marginal revenue product is the marginal revenue on one product, and marginal revenue is the marginal revenue on the whole firm sales... I'm wondering the same thing but the above response is incorrect. both terms imply values on one item as indicated by the "marginal"
price = marginal revenue. marginal revenue > average revenue. price > marginal cost. total revenue > marginal co
A company maximizes profits when marginal revenue equals marginal costs.
marginal revenue always lies behind the demand curve,and when demand increases marginal revenue also increases.demand curve is used to determine price of a commodity.
A monopolist will set production at a level where marginal cost is equal to marginal revenue.
Marginal Cost = Marginal Revenue, or the derivative of the Total Revenue, which is price x quantity.
Marginal revenue is the change in total revenue over the change in output or productivity.
marginal cost of production
Profits will be maximized when marginal revenue is equal to marginal costs. This will only happen in cases where there are fixed costs.
Explain why the marginal revenue(MR) is always less than the average revenue (AR)?