EBK ECONOMICS
5th Edition
ISBN: 8220106907184
Author: KRUGMAN
Publisher: YUZU
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Question
Chapter 13, Problem 3P
To determine
Concept Introduction
Total Revenue: This refers to the total amount received from the customers from the sale of goods or services. The formula to calculate the total revenue is:
![EBK ECONOMICS, Chapter 13, Problem 3P , additional homework tip 1](https://content.bartleby.com/tbms-images/9781464143847/Chapter-13/images/html_43847-13-3p_1.png)
Marginal Revenue: This refers to the additional revenue that a producer or supplier receives when she/he produces or supplies an extra unit.
![EBK ECONOMICS, Chapter 13, Problem 3P , additional homework tip 2](https://content.bartleby.com/tbms-images/9781464143847/Chapter-13/images/html_43847-13-3p_2.png)
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