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Bert, a self- employed attorney, is considering either purchasing or leasing a $80,000 automobile for use in his business. What are the issues he should consider in making his decision?
Marginal Revenue
The revenue enhancement a company experiences by selling another unit of a product or service.
Total Revenue
The total amount of money received by a firm from sales of its products or services, calculated as the quantity sold times the price per unit.
MC < MR
A condition in economic theory where marginal cost is less than marginal revenue, suggesting that increasing production would be profitable.
Profit Maximized
The point at which a firm achieves the highest possible profit margin, where marginal revenue equals marginal cost.
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