3.3.1 Flashcards
1
Q
What is revenue?
A
Income generated from the sale of goods and services in a market
2
Q
What is average revenue (AR)?
A
price per unit = total revenue/output
3
Q
What is marginal revenue (MR)?
A
The change in revenue from selling one extra unit of output
4
Q
What it total revenue?
A
Total revenue (TR) = Price per unit x Quantity
