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State the Differences Between a Novation and an Assignment

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State the differences between a novation and an assignment.


Definitions:

Revenue Function

A mathematical relationship describing how a firm’s total revenue changes with variations in output or sales.

Total Profits

The entirety of financial gains earned by a business after subtracting all costs and expenses from total revenues.

Advertising Costs

Costs associated with marketing a product, service, or brand to prospective buyers.

Profit Function

A mathematical representation showing the relationship between a firm's profits and its output or other relevant variables.

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