EGT1 Task1 paper Gousheh (1) - Marginal Analysis EGT1 Task...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Marginal Analysis EGT1 Task 1 Eric Gousheh Western Governors University Student ID #259033 My Mentor: Thomas R. Leshney
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Components of Equation In this task, I will address the differences in economic terms, and how they are defined and their affect within other economic relationships in achieving profit maximization. To achieve an overall success in business, it will be important to not only grasp, but have a functioning understanding of the relationships that exist to determine profit maximization in conjunction with profit loss, sustainability, market trends and your competition. Marginal Analysis Marginal cost, marginal revenue and, ultimately, profit creating equations will essentially be the blue print for the success, or lack of, your business. Marginal and Total Revenue Marginal revenue is the extra revenue that will be made by a company when the company sells one additional widget. Marginal revenue equals the total revenue divided by the number of units sold (McConnell, Campbell; B, Stanley; F, Sean, 2012). Total revenue is the sum of a
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern