"Marginal" revenue refers to the increase in revenue that a company receives when it sells one additional unit of a product. At first glance, you might assume that marginal revenue is simply the price ...

The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

A company's marginal product of labor is the number of additional products it can produce by hiring one additional worker. A company's marginal revenue product of labor is the amount of additional ...