Total Revenue Free Essays

The principle that a till will maximize its prompt (or minimize Its losses) by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost. (McConnell, 2010) According tour text the MR.=MAC rule applies to all firms whether they are purely competitive, monopolistic, unapologetically competitive or logistically. We will write a custom essay sample on Total Revenue or any similar topic only for you Order Now (McConnell, 2010) Using Microsoft Excel. Graph the data in Columns 9 and 10. 4. The profit maximizing or (loss minimizing) output for this firm is 9. That is the last output quantity where the marginal revenue ($165) exceeds the marginal cost ($162). There is an economic profit after producing more than a quantity output of 3. This is the point where Total Revenue exceeds the Total Cost. 5, A firm in pure competition Is considered a â€Å"appreciate† because a firm that Is In pure competition cannot attest their product’s price changing the amount to the product that it sells. They can only maximize the product’s economic profit (or minimize its loss) by adjusting its output How to cite Total Revenue, Papers