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in pure competition, to calculate economic profit, we first calculate the difference between and average total cost and then multiply it by output. (type only one word in blank.)

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In a market where there is only competition, economic profit is determined by subtracting the average total cost from the average output revenue.

What is the standard formula for revenue?

How do you determine the profit per unit? By dividing sales income by the total number of units sold, one can get revenue per unit. Average Revenue Every Unit is calculated as Net Income / Total Sold.

What are marginal revenue and average revenue?

Definition. The money that an organization can obtain by selling a single unit of their good or service is known as the "Average Revenue." The income a business can obtain by selling an extra unit of its goods or services is known as marginal revenue.

To know more about average revenue  visit:

https://brainly.com/question/15408309

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