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26 Nov 2021
Introduction
Total Revenue is the total receipts from sales of product.
Marginal Revenue refers to the change in the total revenue of the firm due to the sale of an additional unit of output.
Total Cost is the total cost of production at any level of output.
Marginal Cost is the extra cost of production to produce an additional unit of output.
Profit maximizing output is the level of output corresponding at which the firm maximizes its profit.
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