marginal revenue

definition: the ADDITIONAL revenue received when output is increased by ONE unit - How much more income is received when we produce one more of something?

everyday examples

▪ if 1 pizza costs 10.00 then a second pizza still costs 10.00 and your marginal revenue is 10.00 ▪ total revenue is when that 10.00 is added together. 2 pizza's give you 20.00 total revenue

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