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Describe the common methods that nations use to control trade across their borders.
ΔTR/Δq
Represents the change in total revenue divided by the change in quantity sold, indicating marginal revenue.
TR/q
Represents Total Revenue divided by quantity, a formula used to calculate average revenue per unit sold.
Short Run
A period during which at least one of a firm's inputs is fixed and cannot be changed.
Average Total Cost
The total cost of production divided by the quantity of output produced, it includes all variable and fixed costs.
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