explain the relationship between average revenue,marginal revenue and elasticity of demand
explain the long run cost curves with diagram
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Relationship between AR, MR and Elasticity of Demand! It has been discussed that average revenue curve of a firm is the same thing as the demand curve of the consumer for the product of the firm. ... AR is the revenue per unit of output sold. AR is the ratio of TR to total output. Besides, AR is nothing but the price.
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