MARGINAL REVENUE Definition

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MARGINAL REVENUE is the change in total revenue as a result of producing one additional unit of output.

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DEVOLVE is to pass on or delegate to another, e.g. a devolved letter of credit.

ANNUITY, in finance, is a series of fixed payments, usually over a fixed number of years; or for the lifetime of a person, in which case it would be called a life-contingent annuity or simply life annuity.

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