draw a rough sketch of cost ,averege cost,marginal cost ,revenue,averge revenue ,marginal revenue
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Draw a rough sketch of cost ,average cost,marginal cost ,revenue,average revenue ,marginal revenue
Explanation:
- Cost
Cost is the money which is spend by the company on production .
2. Average cost
Average cost is the cost which is equal to total cost divided by the number of units of a good produced.Refer image 1.
3. Marginal cost
Marginal cost is the change in the total cost which arise whwn the quantity produced is increased by 1 unit. Refer image 2.
4.Revenue
Revenue is the money which is received by a government na all other sources.
5.Average revenue
This revenue is obtained by dividing the total revenue with the total output. Refer image 3.
6. Marginal revenue
It is a concept which describes the additional total revenue generated by increasing product sales by 1. Refer image 4.
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