MC, MR stands for Marginal Cost, Marginal Revenue. They are important concepts in economics to determine optimal production levels. MC refers to the additional cost incurred by producing one more unit of a good or service. MR refers to the additional revenue earned by selling one more unit of a good or service. In order to maximize profit, a firm should produce at a level where MC equals MR. If MC is less than MR, the firm should produce more to increase profit. If MC is greater than MR, the firm should produce less. For example, if a company's MC of producing a widget is $5 and the MR of selling the widget is $8, the company should produce more widgets to maximize profit.

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WHAT IS THE MC,MR?

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MC, MR stands for Marginal Cost, Marginal Revenue. They are important concepts in economics to determine optimal production levels.

MC refers to the additional cost incurred by producing one more unit ...read more

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