Define average total cos

Reference no: EM13174513

Which of the following expressions is correct for a competitive firm?

a. profit = (quantity of output) x (price - average total cost)
b. marginal revenue = (change in total revenue)/(quantity of output)
c. average total cost = total variable cost/quantity of output
d. average revenue = (marginal revenue) x (quantity of output)

Reference no: EM13174513

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