Answered

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Is MR and MC the same?

Sagot :

MR and MC are not the same. MR stands for Marginal revenue while MC stands for Marginal Cost.

Marginal revenue is the additional profit or income generated by the sale of an additional product manufactured by the company. The formula is the change in sales divided by the change in quantity. A positive marginal revenue increases the firm's total revenue.

Marginal cost is the change in a firm's actual estimated cost of production by producing one additional unit. It helps determine the efficiency of the manufacturing process. For an efficient business the marginal cost should never be less than marginal revenue.

To know more about marginal cost, here

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