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Marginal revenue:
Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the sale of one extra unit of the commodity. It is measured by dividing the change in total revenue ( ΔTR) by the change in quantity sold ( ΔQ). i.e.MR = ΔTR/ΔQ
Where ΔTR = change in TR = New TR – Old TR
ΔQ = change in Q = New Q – Old Q
Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc
relationship between tfc , tvc , tc
How might a change in the exchange rate affect the domestic economy of the country? A change in the exchange rate - ceteris paribus - will alter relative prices between trading
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