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The temperature gradient in a wall is 80oC/cm, and the thermal conductivity of this wall is 4.0 × 10-3 cal/s · cm · Co. The amount of heat conducted per minute per square centimeter through this wall is approximately
Total Revenue
The amount a firm receives for the sale of its output.
Nash Equilibrium
A concept within game theory where no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.
Profit-Maximizing
The process by which a firm determines the price and output level that returns the maximum profit.
Marginal Cost
The increase or decrease in the total cost that arises from producing one additional unit of a product.
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