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Business Economics
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Terms in this set (8)
Cost Function 𝐶(𝑥)
The cost of producing x units of a certain product
Average Cost Function 𝐶(𝑥)/x
The cost per unit when x units of a certain product are produced.
Marginal Cost Function 𝐶′(𝑥)
The extra cost of producing one additional unit.
Demand/Price Function 𝑝(𝑥)
The price per unit that the company can charge if it sells x units.
Revenue Function 𝑅(𝑥)
𝑅(𝑥) = 𝑥𝑝(𝑥) Total revenue generated from selling x units.
Marginal Revenue Function 𝑅′(𝑥)
The extra revenue for selling one additional unit
Profit Function P(x)
𝑃(𝑥) = 𝑅(𝑥) − 𝐶(𝑥) Total profit from selling x units. The excess of revenue over cost.
Marginal Profit Function 𝑃′(𝑥)
𝑃′(𝑥) = 𝑅′(𝑥) − 𝐶′(𝑥) The additional profit for selling one additional unit.
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