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