What is revenue?
It is the value of sales of a firm’s products. It is the income from sales of goods and services.
Quantity sold X Price
Total Revenue is also known as turnover.
Average revenue refers to the revenue of the firm by selling per unit commodity. It is calculated as:
Total revenue/number of products sold
Marginal Revenue is the change in the total revenue from the sale of an additional unit.
It is calculated as
Change in total revenue/change in quantity
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