Revenue Flashcards
(5 cards)
1
Q
Total revenue
A
The sun of all incomes coming into the firm from sales of its product
2
Q
Formula for total revenue
A
Price x quantity
3
Q
Marginal revenue
A
The revenue from one extra unit of output
4
Q
Average revenue
A
Revenue per unit of output
5
Q
Maximum revenue
A
Where marginal revenue = 0
