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Marginal Revenue, Marginal Cost & Profit Maximization
* Determining profit maximizing level of output
- Profit (π ) = Total Revenue - Total Cost
- Total Revenue (R) = Pq
- Total Cost (C) = Cq
- Therefore:
* Marginal revenue is additional revenue from producing one more unit of output.
* Marginal cost is additional cost from generating one more unit of output. * Comparing R(q) and C(q)
- Output levels: 0- q0:
Real and nominal GDP, GNP, and Intrest rates, Stock & flow variables, Disinflation, Inflation rates, unemployement rates, labor force, participation rate, output per person, GDP d
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Variable and Total cost curve * Consequently (from the table which is given): - MC initially decreases with increasing returns 0 through 4 units of output
. Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day: Workers Output Marginal Product
Division of labour: Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be
Examine the role of foreign direct investment (FDI) for developing countries Explanation of foreign direct investment as the direct ownership of capital in another country by a
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critical of comparative advantage theory
Q. What do you mean by Bond? Bond: A financial security that represents promise of its issuer (generally a company or a government) to repay a loan over a specified time period
explain budget line?
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