What do you understand by total revenue of the firm?
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Explanation:
Total revenue in economics refers to the total receipts from sales of a given quantity of goods or services. It is the total income of a business and is calculated by multiplying the quantity of goods sold by the price of the goods................
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The amount received after selling goods to earn a profit is called total revenue.
What are the characteristics of total revenue?
- To find total revenue we multiply the total price of goods sold by the price of a goods
- The total revenue changes with change in price and quantity are represented on graphs
- When the price of any product increases then the total revenue is also increased when demand is inelastic
- When the quantity increases then total revenue also increases
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