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Costs and revenue GapFill
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Revenue is defined as the total value. It is calculated by multiplying and quantity. When price elasticity of demand (PED) is one, total will be at . is the summation of all costs. The additional cost of producing an extra unit of a product is known as . The long-run is an envelope of average costs. At a point where diminishing marginal returns set in, marginal cost will be . The marginal cost must always cut the when the average cost is at minimum point.