Describe the term Incremental Revenue in details
Describe the term Incremental Revenue in details.
Expert
This revenue simply refers to rise in revenue. This is the difference among the new total revenue and existing total revenue. This measures the impact of decision alternatives upon the total revenue. There formula for measuring incremental revenue is as given below:
IR = R2-R1
Here, IR = Incremental revenue
R2 = New total revenue and
R1 = Old or existing total revenue.
Technological advances because the starting of the twentieth century has: (w) removed the limits on our ability to produce. (x) removed the problem of scarcity. (y) expanded our capability to produce. (z) raised the use of resources for production. Q : Profit Maximization with Marginal All profit-maximizing firms will hire further labor up to the point where is the: (w) average physical product of labor equals the nominal wage. (x) last unit of labor adds equally to total revenue and total cost. (y) marginal product of labor is at i
All profit-maximizing firms will hire further labor up to the point where is the: (w) average physical product of labor equals the nominal wage. (x) last unit of labor adds equally to total revenue and total cost. (y) marginal product of labor is at i
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Workers tend to be less productive at the margin like they work along with increasingly huge amounts of: (w) physical capital. (x) personal human capital. (y) technology which makes them narrow specialists. (z) labor from other people on an assembly line.
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