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Basic Tools for Economic Analysis I | Week 15 Topics
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Theory of Production Possibility Curve I | Week 51 Topic
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Theory of Cost I | Week 72 Topics
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Theory of Cost II | Week 83 Topics1 Quiz
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Revenue Concept | Week 92 Topics1 Quiz
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Topic Content:
- Types of Revenue
- Total Revenue (TR)/Gross Revenue
- Average Revenue (AR)
- Marginal Revenue (MR)
- Evaluation Questions
1. Total Revenue (TR)/Gross Revenue:
These are a firm’s total receipts from its products’ sales. TR is dependent on the quantities of commodities sold and their prices so the higher the quantities sold, the higher the total revenue. It varies with the firm’s sales. The more the sales the more revenue derived.
Thus:
TR = PQ, TR = Q × P
Where Q = Quantity sold while P = Price
2. Average Revenue (AR):
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