ECONOMICS
PROFIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Marginal cost is the money earned from selling one more unit of a good. Marginal revenue is the money paid for producing one more unit of a good.
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Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
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Marginal cost is the money a producer might make from one more unit. Marginal revenue is the money a producer actually makes from one more unit.
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Marginal cost is the money a producer actually makes from one more unit. Marginal revenue is the money a producer might make from one more unit.
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Detailed explanation-1: -Answer: Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
Detailed explanation-2: -The marginal cost is the additional cost added by increasing the quantity. This is also known as the additional cost “at the margin.” The marginal revenue is the additional revenue added by increasing the quantity. This is also known as the additional revenue “at the margin.”
Detailed explanation-3: -Marginal cost is the rise in total costs as production increases. Likewise, marginal revenue is the amount that a company’s total revenue increases for each additional unit produced.
Detailed explanation-4: -Marginal revenue product (MRP), also known as the marginal value product, is the marginal revenue created due to an addition of one unit of resource. The marginal revenue product is calculated by multiplying the marginal physical product (MPP) of the resource by the marginal revenue (MR) generated.
Detailed explanation-5: -Marginal cost (MC) refers to the increase in cost that is occasioned by the production of an extra unit. It is the additional cost of producing an additional unit. Marginal revenue (MR) refers to the extra profit made by producing or selling an extra unit.