Question

Explain in detail the concept of Total Revenue, Average Revenue and Marginal Revenue.

Answer 1

Total Revenue, Average Revenue and Marginal Revenue. Average revenue ( AR ) is the total amount of money(or some other good) that a firm receives from the sale divided by the number of units of goods sold.

Answer 2

$\large{\underbrace{\sf{\purple{Answer}}}}$

In the business market, total revenue, average revenue, marginal revenue are internally related. According to the selling of a firm, total revenue is the whole product price; average revenue means the selling price per unit quantity and marginal revenue is the change of total revenue per unit quantity change.