"Running head: MARGINAL COST AND MARGINAL REVENUE 2Marginal Cost and Marginal RevenueQuestion A (1): total revenue and total costBy definition, total revenue comprises the total income of a firm from the sale of itsgoods and services (Tucker, 2011, p. 12). On the other hand, total cost is made up of the totalexpenditure in the production of a good or a service. The elements of total include things such asvariable costs, fixed cost, andsemi-variable costs. For profit maximization, economists argue that the total revenue from the sale of productsmust be greater than the value of the total cost(Tucker, 2011, p. 12). Mathematically, this is represented as; total revenue (TR) – total cost (TC) =Profit(Tucker, 2011, p. 12).2. Marginal Cost and Marginal Revenue Marginal cost is the additional of producing one extra unit of a good or services(Wessels,2007, p. 56). Mathematically, Marginal Cost (MC) is a differential of the total cost in respect tothe quantity produced. Conversely, marginal revenue is the additional revenue gotten by sellingone extra unit of production. Like the marginal cost, the marginal revenue is calculatedmathematically by differentiating total revenue in respect to total quantity(Wessels, 2007, p. 56). For profit maximization, the first condition which states that the, MR- MC= 0 must hold.In this condition, it means that at the profit maximization point, MR=MC(Wessels, 2007, p. 56).Question B. Marginal revenueDiscuss the following\r\nA.\ttotal revenue and total cost\r\nB.\tThe concept of marginal revenue\r\nC.\tThe concept of marginal cost\r\nD.\tGiven the following data get \r\nProfit maximizing point\r\nQuestion E: Firm decision when MR is greater than MC\r\nQuestion F: Firm decision when MC is greater than MR\r\n\r\nUse Apa referencing with minimum of 4 sources\r\n"