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Marginal Revenue (MR)
This is the increase in Total Revenue resulting from the sale of an extra unit of output. Thus, if TRn-1 is Total Revenue from the sale of (n-1) units and TRn is total revenue from the sale of n units, then the marginal revenue of the nth unit is given as:
dTR = P(1 - 1/Ed) or TRn - TRn - 1
dQ
Suppose a firm's budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital. The production function i
monopolistic competition
features of monopoly
Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities
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