Revenues and costs GapFill

Revenue is defined as the total   salescostprofitquantity value. It is calculated by multiplying   pricesalesprofitcosts and quantity.  When price elasticity of demand (PED) is one, total   revenuesalesprofitprice will be at  constantunitaryzerominimum.   Fixed costsMarginal costsTotal costs Average costs is the summation of all costs. The additional cost of producing an extra unit of a product is known as  marginal cost total cost zero costsvariable costs. The long-run   fixed costsaverage cost total cost marginal cost is an envelope of   short-run marginallong-runzero average costs. At a point where diminishing marginal returns set in, marginal cost will be  risingmaximumfallingminimum. The marginal cost must always cut the   average cost average fixed costvariable cost total cost when the average cost is at minimum point.