Define the relationship between a firm's total revenue, profit, and total cost. What is a marginal product, and what does it mean if it is diminishing? Define economies of scale and explain why they may arise. Define diseconomies of scale and why they might arise.

the total revenue is the amount earned from goods and services

the total cost are all the incurred cost wether paid or not to complete the business operations.

The profit will be the difference between these two concepts. Profit when positive (revenues > cost) loss when the opposite occurs.

Economies of scale represent markets when the marginal cost decreases as output increasethus, it becomes always cheaper to continue the production. They arise from learning curves, technological advances, better input material and other factors

Explanation:

answer; test-retest;

answer///supply is elastic, and demand is inelastic;