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In a short essay, explain how people can be an obstacle to effective management of a value chain.
Economic Profit
The disparity between total income and total outlays, considering both manifest and concealed costs.
(P - ATC)q
The formula representing profit in economic terms, where P stands for price, ATC for average total cost, and q for quantity produced or sold.
Total Revenue
The total receipts from sales of a firm's goods or services.
Marginal Revenue
The additional income generated from the sale of one more unit of a good or service.
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