Monopolies are quite common in business. If you offer a product or service that no one else has, then you possess a monopoly. In time, competitors probably will aim to match or improve upon your ...

Firms usually decide how many workers to employ based on how much income each worker generates for the company after deducting employment expenses. Managers estimate how much income workers generate ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Erika Rasure is globally-recognized as a leading consumer economics subject ...

Estimate demand function to understand initial product pricing vs. quantity. Use derivative for the revenue equation to find marginal revenue changes. Marginal revenue derivative is a tool to guide ...

Marginal revenue measures extra income from producing one more unit. Compare marginal revenue and cost to decide on production adjustments. Track marginal revenue changes to set optimal production and ...

One of the few things economists agree on is that prices are determined by supply and demand. This is summarized by means of supply and demand curves, which describe the relationship between the ...