Which of the following statements is true?
(a) AR= /
(b) TR= MR x Q
(c) TR = ∑MR
(d) All
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Answer:
b and c is true
Explanation:
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The statement (C) is correct.
- Total Revenue is the total profit or money received from the sale of all outputs. The formula for total revenue is price into quantity.
- TR= P × Q
- Marginal revenue is the revenue earned by the sale of an additional unit of output. Therefore, total revenue is the sum of all marginal revenue.
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