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Essentials of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781337091992

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BuyFindarrow_forward

Essentials of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781337091992
Chapter 13, Problem 2QR
Textbook Problem
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Explain the difference between a firm’s revenue and its profit. Which do firms maximize?

To determine

The difference between the firm’s revenue and profit.

Explanation of Solution

The total revenue earned by the firm can be determined by using the following formula:

Total revenue=Price×Quantity (1)

The profit of the firm can be determined by using the following

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