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ECON 1113 EXAM 3 QUESTIONS N ANSWERS RATED A+ 2025/2026

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ECON 1113 EXAM 3 QUESTIONS N ANSWERS RATED A+ 2025/2026

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ECON 1113
Course
ECON 1113

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ECON 1113 EXAM 3 QUESTIONS N
ANSWERS RATED A+ 2025/2026

What is the equation for total revenue? - ANS ✔✔Price x Quantity



What is the equation for marginal revenue? - ANS ✔✔Change in Total Revenue/change in
Quantity



What is the equation for marginal cost? - ANS ✔✔Change in Total Cost/Change in Quantity



What is the equation for total cost? - ANS ✔✔Total Fixed Costs + Total Variable Costs



What is the equation for total profit? - ANS ✔✔Total Revenue - Total Costs



What is the equation for marginal profit? - ANS ✔✔Marginal Revenue - Total Costs



What is the primary goal of every business? - ANS ✔✔To maximize profit



What is the first step every business should take in order to reach their primary goal? - ANS
✔✔How much they should produce (Quantity)



What is the general formula that businesses use when deciding how to execute this first step?
Why do they use this formula? - ANS ✔✔Marginal Revenue = Marginal Cost or Marginal
Revenue is greater than or equal to Marginal Cost. They use this to determine if they are
generating a profit.
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  • econ 1113 exam 3 questions n answers rated a 2025
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