Concepts of Revenue:
The amount of money that the firm receives by the sale of its yield in the market is termed as its revenue.Total Revenue:
Total Revenue refers to the net amount of money which a firm receives from the sale of its products.
Mathematically,
TR = PQ
Here, TR = Total Revenue; P = Price;Q = Quantity sold. Let’s assume a firm sells 1000 units of a product at the price of $ 10 each, the net revenue will be 1000 x $ 10 = $ 10,000/-Average Revenue:
Average revenue is revenue per unit of the commodity sold. It is computed by dividing the net revenue by the number of units sold.
AR = TR / Q
Here,AR = Average RevenueTR = Total RevenueQ = Quantity soldExample: Average Revenue = $ 10,000/1000 = $ 100/-Therefore average revenue means product price.Marginal Revenue:
Marginal Revenue is the addition made up to the net revenue by selling one more unit of a commodity.
For illustration, whenever 10 units of a product are sold at the price of $ 15 and 11 units are sold at $ 14/-, the marginal revenue becomes:
MRn = TRn – TRn-1
= $ (11x 14) – $ (10x 15)= $ 154 – 150= $ 4
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