ONLY FOR GENIUSES so here is my question . Explain MR marginal revenue and MC marginal cost approach ........
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In microeconomics, marginal revenue (R') is the additional revenue that will be generated by increasing productsales by one unit. It can also be described as the unit revenue the last item sold has generated for the firm.
MMarginal costs are variable costs consisting of labor and material costs, plus an estimated portion of fixed costs (such asadministration overheads and selling expenses).
MMarginal costs are variable costs consisting of labor and material costs, plus an estimated portion of fixed costs (such asadministration overheads and selling expenses).
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marginal revenue is the revenue gained by producing one additional unit of a product or service
Marginal cost pricing is the practice of setting the price of a product at or slightly above the variable cost to produce it. This approachtypically relates to short-term price setting situations.
Marginal cost pricing is the practice of setting the price of a product at or slightly above the variable cost to produce it. This approachtypically relates to short-term price setting situations.
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