Suppose we are given the price-demand function below. P(x) = 120 - 3x What is the marginal revenue at x = 15? Marginal Revenue: The total revenue is the total income from sales. The marginal revenue is calculated from the total revenue function ...
Answer to: Suppose the revenue function for selling x units of a product is as follows: Revenue function: R(x) = 20x What are the marginal...
Definition:Marginal revenue is an economic metric defined as the increase in a company’s gross revenue from selling one additional unit of its product. It can be more easily defined as the variation of the revenue figure after one more unit is sold. What Does Marginal Revenue Mean? Contents[...
Why is marginal revenue significant? We can help It’s essential to understand the numbers behind your business, especially when it comes to revenue. But what about marginal revenue? Find out everything you need to know, starting with our marginal revenue definition. Marginal revenue definition Ma...
The optimal number of workers is determined by the well-known marginal condition. In stochastic models with labor contracts involving some kind of profit sharing both profit and worker's compensation are random variables. The appropriate marginal condition will be discussed in a model of such type....
Marginal revenue is the marginal addition to revenue added by the next unit of output sold. As a function, it is the derivative of the total revenue curve, which is found by inverting the demand function and then multiplying that by quantity. Marginal revenue curves, which are described by ...
A business’s net profit margin is an important metric for investors to determine the profitability of a company and whether or not the business is a good investment. Generally, if a business has a growing revenue, but its operating expenses are increasing, its net profit margin will decrease...
In economics, the law of diminishing marginal utility states that the added benefit of consuming more of a product or service declines as its consumption increases. That is, the satisfaction or utility they derive from the product wanes as they consume more and more of it. For example, a ...
What is the marginal product of labour (MPL)? Production: The term production refers to the transformation of raw material and other inputs in the valuable output that is readily available for consumption by the consumers or buyers. Answer and Explanation: ...
Total revenue function is a function of output since the price function (the demand curve) is a function of output. At maximum total revenue, the marginal revenue (first derivative of revenue function with respect to output) is zero. Answer and Explanation: If...