Relation between average and marginal revenue
Describe the relation between average revenue and marginal revenue. whenever a firm can sell an extra unit or a good by lowering price.
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(i) AR and MR both decreases.(ii) MR decrease at the rate of twice than AR.(ii) MR become zero and negative but AR can never be zero.
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What drives market towards their equilibrium?
How is a shift in demand reflected in a demand equation? How is a shift in supply reflected in a supply equation? How is a movement along a demand (supply) curve reflected in a demand (supply) equation?
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Revenue: This refers to total money income from the sale of output.
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