Average Revenue Curve. The Economics of Food and Agriculture Markets. ... This formula is ideally used to identify the change from one quantity to the next available quantity, ...

So, the basic formula for calculating marginal revenue is As a simplified example, let's say that Apple can sell 10 iPhones if it charges $700. If Apple decides to lower the price to $680, it can ...

Using the formula above, we can determine that the economic profit of producing these toys is $3,000 ($10,000 - $5,000 - $2,000). The $2,000 is included as an implicit cost that is otherwise not ...