Question

Explain the relationship between marginal revenue and total revenue.

Answer 1

Answer:

Total revenue is the full amount of total sales of goods and services. It is calculated by multiplying the total amount of goods and services sold by their prices. Marginal revenue is the increase in revenue from selling one additional unit of a good or service.

Answer 2

Answer:

Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit of output.

        MR= ΔTR

                  ΔQ  

Total revenue (TR) is the total receipts a seller can obtain from selling goods or services to buyers.

                  TR = P *Q

Explanation:

   I hope it will helpful for U

      Thank U