Question

comparing marginal revenue to marginal cost (i) reveals the contribution of the last unit of production to total profit. (ii) is helpful in making profit-maximizing production decisions. (iii) tells a firm whether its fixed costs are too high. question 29 options: a) (i) only b) (i) and (ii) only c) (ii) and (iii) only d) (i) and (iii) only

Answer 1

Comparing marginal revenue to marginal cost reveals the contribution of the last unit of production to total profit is helpful in making profit-maximizing production decisions

The marginal cost of production and marginal revenue are economic measures used to determine the amount of output and the price per unit of a product that will maximize profits. Understanding a few common production jargon is crucial for optimizing marginal cost and income. Every company that incurs production expenditures might categorize them into two main groups:

Fixed costs: These are necessary expenditures that remain largely constant throughout time, notwithstanding your company's growth in output. Costs that fluctuate from month to month or from day to day are known as variable costs. Instead, depending on output levels, they can change dramatically.

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