Micro Short Run And Long Run Flashcards
1
Q
Total revenue
A
Total money received from sale of a firms goods and services
= price per unit X quantity of units sold
2
Q
Average revenue
A
Average receipt of money for each good or service which is sold
= total revenue / quantity of units sold
3
Q
Marginal revenue
A
The addition to total revenue from the sale of one more unit of output
