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13 cards from this deck
TR=Price×QuantityTR = Price \times QuantityTR=Price×Quantity
AR=TRQuantityAR = \frac{TR}{Quantity}AR=QuantityTR
Additional revenue from selling one more unit
MR=ΔTRΔQuantityMR = \frac{\Delta TR}{\Delta Quantity}MR=ΔQuantityΔTR
Equals the price of the good
Equals AR
Decreases as output increases
Profit=TR−TCProfit = TR - TCProfit=TR−TC
Minimum profit to keep firm in business
TR=TCTR = TCTR=TC (explicit + implicit costs)
TR>TCTR > TCTR>TC including normal profit
Accounting Profit=TR−Explicit CostsAccounting\ Profit = TR - Explicit\ CostsAccounting Profit=TR−Explicit Costs
Direct, out-of-pocket expenses
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