Marginal revenue is the derivative of the product's revenue with respect to its quantity. Obtain or estimate a relationship between the item's price and the quantity of units that you sell. This function forms the item's demand curve on a graph. For example, assume that the price of knive...
This last equation is incredibly important to understand. It means that at some price you will have a horizontal AR and MR curve and this coincides with the demand curve. For a perfectly competitive market to maximize profits MR must equal Marginal cost and in the long run this profit will ...
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How can marginal cost be a constant? Given the cost function C(Y)=6Y^2, what is the marginal cost? a. 6Y b. Y^2 c. 3Y d. 12Y Explain the relationship between the marginal cost curve and the marginal product curve. Is marginal revenue equal to marginal cost? Why is marg...
MR– Marginal revenue OP– Price OQ– Quantity E– Equilibrium point Conditions of full equilibrium in a perfectly competitive market structure are reached when the demand curve (AR) is tangential to the long-run average cost curve (LAC) at its minimum point. This is also the point where the...
One way to examine the marginal cost of a good is by looking at the opportunity cost using the production possibilities curve (PPC) model. Draw a correctly labeled PPC graph for computers and cell phones that exhibits constant opportunity cost. To the rig ...
Don’t expect them to take an average design and turn it into something great. That’s not what developers do. Development is the final stage. It’s generally the most expensive and time-consuming stage, so it’s vital you do all the prep work before you get here. Otherwise you risk ...
The marginal benefit can be calculated from the slope of the demand curve at that point. For example, if you want to know the marginal benefit of thenthunit of a certain product, you would take the slope of the demand curve at the point where current consumption is equal ton.It can als...
revenue doesn’t change much with changes in the rate. This means the Laffer Curve will be steeper, as revenue doesn’t respond strongly to tax rate changes. Conversely, if a tax is elastic, small changes in tax rates can lead to large shifts in economic activity, making the curve flatter...