Question

What does total revenue, marginal revenue and average revenue means?

Answer 1

1) Income recieved by the producer from the sale of all the output in the market is known as total revenue.

2) It is all the additional income recieved by the producer from the sale of one or more or one less unit of output is known as marginal revenue.

3) Money recieved by the producer from per unit of output in the market is known as average revenue.