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How does the relationship between price and marginal revenue impact the decision-making process of a competitive firm?
The relationship between price and marginal revenue affects a competitive firm's decision-making by influencing how much to produce and sell. When the price is higher than the marginal revenue, the firm will produce more to maximize profits. If the price is lower than the marginal revenue, the firm may reduce production to avoid losses. This helps the firm determine the optimal level of output to maximize profits in a competitive market.
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What is the relationship between price and marginal revenue in a competitive market?
In a competitive market, the relationship between price and marginal revenue is that they are equal. This means that the price of a good or service is equal to the marginal revenue generated from selling one more unit of that good or service.
Marginal product curve?
A marginal product curve is a visual presentation that demonstrates the relationship between the marginal product and the quantity of its input. All other inputs are fixed.
Marginal productivity of labour and the demand for labour .?
Graphically illustrate and explain the relationship between marginal productivity of labour and the demand for labour .
What is the relationship between marginal cost and marginal revenue in determining optimal production levels?
The relationship between marginal cost and marginal revenue in determining optimal production levels is that a company should produce at a level where marginal cost equals marginal revenue. This is because at this point, the company maximizes its profits by balancing the additional cost of producing one more unit with the additional revenue generated from selling that unit.
What is the relationship between marginal revenue and marginal cost in determining the optimal level of production for a firm?
The relationship between marginal revenue and marginal cost in determining the optimal level of production for a firm is that the firm should produce at a level where marginal revenue equals marginal cost. This is because at this point, the firm maximizes its profits by balancing the additional revenue gained from producing one more unit with the additional cost of producing that unit.
What is the relationship between price and marginal revenue in a competitive market?
In a competitive market, the relationship between price and marginal revenue is that they are equal. This means that the price of a good or service is equal to the marginal revenue generated from selling one more unit of that good or service.
What is the relationship between marginal physical product MPP and marginal cost MC Provide an examples?
what is the relationship between marginal physical product and marginal cos
Relationship between total and marginal product?
Total product is the sum of all marginal products.
How does the relationship between marginal cost and marginal benefit impact producer?
It helps producers decide how much of a good to make.
How does the relationship between marginal cost and marginal benefit impact producers?
It helps producers decide how much of a good to make.
Marginal product curve?
A marginal product curve is a visual presentation that demonstrates the relationship between the marginal product and the quantity of its input. All other inputs are fixed.
Marginal productivity of labour and the demand for labour .?
Graphically illustrate and explain the relationship between marginal productivity of labour and the demand for labour .
What is competitive relationship?
A competition relationship is the struggle between animals as they try to use the same limited resource.
What is the relationship between marginal cost and marginal revenue in determining optimal production levels?
The relationship between marginal cost and marginal revenue in determining optimal production levels is that a company should produce at a level where marginal cost equals marginal revenue. This is because at this point, the company maximizes its profits by balancing the additional cost of producing one more unit with the additional revenue generated from selling that unit.
What is the relationship between marginal revenue and marginal cost in determining the optimal level of production for a firm?
The relationship between marginal revenue and marginal cost in determining the optimal level of production for a firm is that the firm should produce at a level where marginal revenue equals marginal cost. This is because at this point, the firm maximizes its profits by balancing the additional revenue gained from producing one more unit with the additional cost of producing that unit.
What is the relationship between the marginal benefit of consuming a good and the overall satisfaction or utility derived from that consumption?
The relationship between the marginal benefit of consuming a good and the overall satisfaction or utility derived from that consumption is that as you consume more of a good, the marginal benefit decreases while the overall satisfaction or utility increases at a decreasing rate. This is known as the law of diminishing marginal utility.
What is total utilitymarginal utility d low of diminishing marginal utility and draw the thoeretical mathematical diagramatically relationship between total and marginal utility?
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