Exhibit 21-3
-Refer to Exhibit 21-3. The marginal physical product figures in blanks (B) and (C) are, respectively,
Definitions:
Total Cost
Total Cost is the sum of all costs, fixed and variable, incurred in the production of goods or the delivery of services.
Daily Profit
The financial gain or loss a business makes in a single day, calculated by subtracting total daily expenses from total daily revenue.
Marginal Revenue
The extra revenue generated by the sale of an additional unit of a product or service.
Profit-maximizing
The process or strategy by which a firm determines the price and output level that returns the greatest profit.
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