In connection with the office in the home deduction,comment on the following:
Definitions:
Marginal Revenue
The additional income generated from selling one more unit of a product or service.
Equilibrium
When aggregate demand equals aggregate supply.
MC = MR
A principle in economics stating that profit maximization occurs when a firm's marginal cost (MC) equals its marginal revenue (MR).
Marginal Revenue
The additional income gained from selling one more unit of a good or service.
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