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How Do You Calculate Average Variable Cost, Marginal Revenue And Marginal Cost When You Are Only Given Total Revenue And Total Cost Figures?

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Average variable cost is the total cost divided by quantity. Like this equation : TC(Q)/Q=Average Variable Cost.

Marginal cost is the 1st derivative of the total cost with respect to Q. So, if for instance, you have total cost = to 1+2x+4x^2, then marginal cost is = 2+8x, it is the cost for the last unit produced.

Marginal revenue is the revenue for the last item sold. If you have an equation for it, I would say that it is the same equation as marginal cost, otherwise in a perfectly competitive market, it should be constant.

Good luck.

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