Concept: Using marginal cost (MC) and marginal revenue (MR) to make profit-maximizing decisions
MC = additional cost from doing one more of something
MR = additional revenue from doing one more of something
Do more when MR > MC. Do less when MR < MC. This will maximize profits.
MR/MC method is usually used to find profit-maximizing quantity of output.
But it can be used for many other things.
Here, it’s used to find how many hours to stay open.
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