Revenue and cost flows are calculated in terms of total, average, and marginal
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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
To fully comprehend the dimensions of profit maximization, one must have a detailed understanding of the revenue and cost variables that determine profit.
Revenue and cost flows are calculated in terms of total, average, and marginal. A total is the summation of all individual components. For example, total cost is the summation of all costs that are incurred by the business. Total revenue is the sum of the revenues
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