Microeconomics Unit 3
- Created by: l1lijan
- Created on: 19-11-19 20:06
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- Revenue
- Total revenue
- Total money received from the sale of a given quantity
- TR = P x Q
- Total money received from the sale of a given quantity
- Average revenue
- total revenue divided by the quantity sold
- AR = TR / Q
- total revenue divided by the quantity sold
- Marginal revenue
- The revenue from selling one extra unit.
- MR = change in total revenue / change in quantity
- The revenue from selling one extra unit.
- Total revenue
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