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12 questions from this quiz
TR=Price×QuantityTR = Price \times QuantityTR=Price×Quantity
Revenue per unit of output sold
The price of the good
Additional revenue from one more unit
MR=ΔTRΔQuantityMR = \frac{\Delta TR}{\Delta Quantity}MR=ΔQuantityΔTR
MR usually decreases
Profit=TR−TotalCostsProfit = TR - Total CostsProfit=TR−TotalCosts
Minimum profit to keep firm in business
When TR = Total Costs (explicit+implicit)
TR exceeds total costs incl. normal profit
When total costs exceed TR
Accounting profit excludes implicit costs
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