What is importance of average revenue in economics?
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Average revenue is the revenue generated per unit of output sold.
It plays a role in the determination of a firm's profit.
Per unit profit is average revenue minus average (total) cost.
A firm generally seeks to produce the quantity of output that maximizes profit.
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Explanation:
Average revenue is the revenue generated per unit of output sold. It plays a role in the determination of a firm's profit. Per unit profit is average revenue minus average (total) cost. A firm generally seeks to produce the quantity of output that maximizes profit.
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