Explain revenue, total revenue, marginal revenue and average revenue with the help of examples.
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it is mathematically known as the total revenue for marginal at an average with the help of self sufficient....❤️...❤️
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As an example, if a firm sells 50 products, and the total revenue is 1000, the average revenue will be 20(1000/50). Hence, we can say that average revenue is the profit of a firm per unit product. AR=TR/Q or AR=P*Q/Q=P, [where AR is average revenue, TR is total revenue, P is price and Q refers to Quantity.]
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