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A manufacturer can sell product 1 at a profit of $2 per unit and product 2 at a profit of $6 per unit.Three units of raw material are needed to manufacture one unit of product 1,and 6 units of raw material are needed to manufacture unit of product 2.A total of 120 units of raw material are available.If any of product 1 is produced,a setup cost of $10 is incurred,and if any of product 2 is produced,a setup cost of $20 is incurred.Determine how to maximize the manufacturer's profit.
Total Revenue
The entire amount of income generated by the sale of goods or services by a firm.
Market Price
The prevailing rate at which a product or service is available for purchase or sale in a market driven by competition.
Marginal Revenue
Marginal revenue is the additional income received from selling one more unit of a good or service.
Total Revenue
Total Revenue, in a rephrased definition, represents the aggregate earnings a company receives from selling its products or services, before any expenses are subtracted.
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