How do you determine the optimal production level for your product? Explain.
Optimal Production Level
Marginal revenue equals the changes in total revenue in response to 1 unit increase in output, Marginal cost equals the changes in total cost in response to 1 unit increase in out pout.
Answer and Explanation:
The optimal level of production is where the marginal revenue (MR) equals the marginal cost (MC). This is because as long as MR>MC, the gain from...
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from Introduction to Macroeconomics: Help and ReviewChapter 3 / Lesson 10