The total economic surplus is the sum of the consumer and producer surplus, which refers to the benefit received by producers from the market price exceeding the prices that consumers are willing to pay. Total
Producer surplus is the difference between how much a person would be willing to accept for a given quantity of a good versus how much they can receive by selling the good at the market price. The difference or surplus amount is the benefit the producer receives for selling the good in the...
Answer to: What is the formula for calculating the total Revenue? By signing up, you'll get thousands of step-by-step solutions to your homework...
Marginal benefit and marginal cost are both measures of how the cost of product or service can change. But while marginal benefit will look at how this impacts the customer, marginal cost relates to the producer. When a company is calculating the details of manufacturing, marketing, and pricing...
The above formula is false. Explanation: The formula for calculating the net profit margin is: {eq}{\rm{Net}}\;{\rm{Profit}}\;{\rm{Margin}} =...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question...
Why is depreciation deducted when calculating the Net Domestic Product (NNP) at the market price? Why is marginal revenue not equal to price? Why is there no total revenue test for elasticity of supply? Why do total expenditures on final goods and services equal tota...