Define marginal cost and marginal revenue, and understand how to use them for decision-making.
Chapter 4: Define marginal cost and marginal revenue, and understand how to use them for decision-making. Define fixed cost and recognize its irrelevance to decision-making. Chapter 5: Understand discounting & compounding. Know how to calculate and use net present value to determine the profitability or otherwise of investments. Define and calculate break-even quantity and price, […]