Aug 09, 2017

Marginal Revenue and Marginal Cost

This paper concentrates on the primary theme of Marginal Revenue and Marginal Cost in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Marginal Revenue and Marginal Cost

INSTRUCTIONS:
Introduction: Business owners, managers, and aspiring entrepreneurs need to know the best form of business organization to select based on various considerations, including taxes, liability, capital contributions, sharing of profits and losses, management and control, and survivorship. Task: Write an essay (suggested length of 1–3 pages) that explains the relationship between marginal revenue and marginal cost, and the importance of these concepts for profit maximization in which you do the following.................
CONTENT:
Marginal Revenue and Marginal CostAuthor`s Name:Institutional Affiliation:Date:Marginal revenue is a vital concept in macroeconomics. It is extra revenue as a result of sale of an additional unit of a certain product to in a firm. Marginal revenue can be calculated through dividing change in total revenue by the change in quantity of the output. Although marginal revenue remains constant over a given quantity of output, it usually follows diminishing returns law and eventually diminishes as the level of output increases (Jacques, 2003).MR=d (TR)/dQ, where Q is quantity.There is a direct relationship between marginal revenue and the total revenue where total revenue increases with the increase in marginal revenue.It can also be defined as change in total revenue divided by change in number of sold units. This can be shown as; MR=d/ d (Q) (TR).Therefore, a conclusion can be reached that,MR d (Q) =TRMarginal cost can be defined as a change in the total cost as a result of change in cost of one unit of a product in a firm. Marginal cost is cost of producing one more unit...


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