Yr 2 Revenue Flashcards
1
Q
Definition of REVENUE
A
Income received by firm from selling output
2
Q
Definition of average revenue
A
Total revenue divided by the output
3
Q
State the equations for revenue again, thanks
A
TR = P x Q AR = TR / Q MR = change in TR / change in Q
4
Q
What does it mean when MR = 0?
A
Total revenue is max
5
Q
Revenue diagrams are in perfect and imperfect comp so go look there
A
tatatata
