Revenue function gives relationship between obtained cost and quantity?
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Answer:
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Step-by-step explanation:
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 the price of the goods and services. Marginal revenue is directly related to total revenue because it measures the change in the total revenue with respect to the change in another variable.
Total revenue is important because, in the effort to grow profits, businesses strive to maximize the difference between their total revenues and total costs. Understanding the subtleties of the relationship between revenues and costs distinguishes the best business managers because while increasing production leads to an increase in sales and total revenue, there are also costs involved with increasing production