In economic terms, a practical approach to maximizing profits requires an examination of how changes in production affect ________________ and ________________ .
A. total revenue; total cost
B. marginal revenue; marginal cost
C. total revenue; marginal cost
D. marginal revenue; total cost
Answer:B
In economic terms, a practical approach to maximizing profits requires an examination of how changes in production affect ________________ and ________________ .
A. total revenue; total cost B. marginal revenue; marginal cost C. total revenue; marginal cost D. marginal revenue; total cost
Explanation: 36. Given the data provided in the table below, the total revenue (TR) for production at quantity (Q) level 4 equals