How does total revenue differ from total profit?
Answer to relevant QuestionsAccording to the MR = MC rule, when the firm is producing at an output level where MR > MC, the firm should produce more. Explain. What is the firm's total profit? What is the relationship between cross elasticities of demand and the identification of specific goods to specific markets? How are fewness of firms and mutual interdependence related? Why are price and marginal revenue identical for the firm in perfect competition?
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