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Price Elasticity
A measure in economics to show how the quantity demanded of a good or service responds to a change in its price.
Marginal Cost
The additional expenditure required to produce one more unit of a product or service.
Profit-Maximizing
The strategy or practice of adjusting production and distribution to achieve the highest possible profit from operations.
Marginal Revenue Function
A calculation that shows how much extra revenue a firm will receive from selling one more unit of a product or service.
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