How to Calculate Marginal Revenue

How to Calculate Marginal Revenue

Marginal revenue is defined as the revenue gained by producing one more unit of a product or service. Therefore, it is sometimes also referred to as the revenue of the last unit. In economics, the concept of marginal revenue is very important because it helps firms to make efficient production […]

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How to Calculate Marginal Cost

How to Calculate Marginal Cost

Marginal cost is defined as the cost incurred by producing one more unit of a product or service. Therefore, it is sometimes also referred to as the cost of the last unit. The concept of marginal cost is extremely important in economic theory because it is one of the foundations […]

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