Asked by Joseph Amberg on Jun 12, 2024
Verified
A competitive firm sells 500 units of output and its marginal revenue at 500 units of output is $35. The firm's total revenue amounts to __________.
Marginal Revenue
The extra revenue gained by selling an additional unit of a product or service.
Total Revenue
The total amount of money a company receives from sales of its products or services, before any expenses are subtracted.
- Ascertain profit or loss by leveraging knowledge of total revenue, average revenue, and marginal revenue.
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Learning Objectives
- Ascertain profit or loss by leveraging knowledge of total revenue, average revenue, and marginal revenue.