What is the difference between total revenue and marginal revenue?
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Heya...
Total revenue..
It is the total money receipt of a firm from sale of a given output is called total revenue...
TR = AR * Q.....(AR is average revenue or price and Q is Quantity selled )
2 Marginal Revenue...
Marginal revenue is the change in total revenue when one more unit is selled of a commodity....
MR= TRn- TRn-1
Total revenue..
It is the total money receipt of a firm from sale of a given output is called total revenue...
TR = AR * Q.....(AR is average revenue or price and Q is Quantity selled )
2 Marginal Revenue...
Marginal revenue is the change in total revenue when one more unit is selled of a commodity....
MR= TRn- TRn-1
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