-Given the budget line in the above figure, if income is $60, then the price of a pizza is ________ and the price of a CD is ________.
Definitions:
Marginal Cost
The investment needed to manufacture an extra unit of a product or service.
Marginal Revenue
Enhanced revenue from the sale of an incremental unit of a product or service.
Variable Costs
Expenses that change in proportion to the activity of a business, such as costs for raw materials or production.
Profit-maximizing Output
This is the level of production at which a firm achieves the highest possible profit, determined by the point where marginal cost equals marginal revenue.
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