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Economics: Unit 3 > Topic 6- Revenue > Flashcards

Topic 6- Revenue Flashcards

1
Q

Average revenue

A

Is the price per unit

Formula: TR/Q

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2
Q

Marginal revenue (MR)

A

The change in the revenue from selling one extra unit of output selling one extra unit of output (the extra revenue gained from selling an extra unit of good)
Formula : change in TR/change in Q

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3
Q

Revenue

A

The income generated from the sales of goods and services

Formula=PXQ or ARXQ

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Economics: Unit 3 (5 decks)

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