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JIT II refers to a form of supplier partnership that places a supplier representative, who is empowered to plan and schedule the replenishment of materials from the supplier, in the customer's plant on a full-time basis.
Marginal Revenue
The additional income generated from selling one more unit of a product or service.
Total Revenue
The total amount of money received by a firm from selling a certain quantity of goods or services, calculated as the price per unit times the number of units sold.
Marginal Revenue Curve
A graphical representation showing the change in total revenue that results from selling one additional unit of a good or service.
Profit Maximization Condition
The state or point at which a firm achieves the highest possible profit, often determined by the marginal cost equalling the marginal revenue.
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