Question

What is Marginal Revenue and Marginal Cost approach?

Answer 1

Answer:

The marginal cost of production and marginal revenue are economic measures used to determine the amount of output and the price per unit of a product that will maximize profits. ... The point at which marginal revenue equals marginal cost maximizes a company's profit............

Answer 2

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• Marginal revenue is the amount of revenue one could gain from selling one additional unit.
• Marginal cost is the cost of selling one more unit.