demand and supply function effect on cost as well as the concept of marginal utility of supply.

Because the primary goal of a for profit business is to make as much profit as possible or to maxi Show more Because the primary goal of a for profit business is to make as much profit as possible or to maximize that profit it should follow that the activities of the business would focus on efficiency and effectiveness of operations. Economists often put this into a graphical display whereby the dollar amount of profit is plotted against quantity of output overt time. It is theorized that the profit maximizing quantity of output is the point on the graph where marginal revenue equals marginal cost. (A) Explain what is meant by marginal revenue. Choose a business and discuss the marginal revenue of that business. (B) Explain what is meant by marginal cost. What does marginal cost mean in your life? Grade Breakdown for DB: (1) 50% of the points for discussing what is meant by marginal revenue. Be sure to address the demand and supply function effect on revenue as well as the concept of marginal utility of demand. (2) 50 % of the points for discussing what is meant by marginal cost. Be sure to address the demand and supply function effect on cost as well as the concept of marginal utility of supply. Show less

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