Write an essay (suggested length of 1-3 pages) that explains the relationship between marginal revenue and marginal cost, and the importance of these concepts for profit maximization in which you do the following:
A. Define marginal revenue.
1. Explain its relationship with total revenue.
B. Define marginal cost.
1. Explain its relationship with total cost.
C. Define profit.
1. Explain the concept of profit maximization.
D. Explain how a profit-maximizing firm determines its optimal level of output, using marginal revenue and marginal cost as criteria.
E. Explain what action a profit-maximizing firm takes if marginal revenue is greater than marginal cost.
F. Explain what action a profit-maximizing firm takes if marginal revenue is less than marginal cost.
G. Include all in-text citations and references in APA format.
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