Total, average, marginal and incremental revenue concept
Explain the meaning of total, average, marginal and incremental revenue.
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Total revenue implies the product of commodity price to the total quantity of outputs produced within a current business period. As well as average revenue is acquired by dividing the total revenue along with number of units sold. And also marginal revenue is the additional revenue to total revenue while an additional unit is generated.
Illustrates the real concept briefly?
The arc elasticity of Plastibristle’s demand for labor in between point c and point d is approximately: (1) 0.375. (3) 0.545. (4) 0.833. (4) 1.200 (5) 2.000. Q : Competitive Supply Curves of Labor to When a firm does not influence the wage rate no matter how many workers this hires, then: (1) MRPL = MRCL for all feasible output levels for the firm. (2) MRCL = MPPL for all feasible output levels for the firm. (3) MPPL = MRPL for all feasible output
When a firm does not influence the wage rate no matter how many workers this hires, then: (1) MRPL = MRCL for all feasible output levels for the firm. (2) MRCL = MPPL for all feasible output levels for the firm. (3) MPPL = MRPL for all feasible output
Explain the Simultaneous equation method of Demand Forecasting.
Throughout the past 50 years in the United States, there the average gains in lifetime income related along with having a college degree in addition to a high school diploma have: (1) declined since the larger proportion of the population that is college educated has
Explain the term Production function.
Define the Econometric Methods.
Illustrates the Law of Returns to scale?
A labor market operates inefficiently when labor is hired only up to a point where, that the last worker: (1) VMP = w. (2) VMP minus MRC exceeds zero and is maximized. (3) P x MPPL = w. (4) added total revenue equals added total cost. Q : Features of Marginal costing Write down Write down the features of Marginal costing?
Write down the features of Marginal costing?
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