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Question
Distinguish between:
Total revenue and marginal revenue
Solution
| Total Revenue | Marginal Revenue |
| 1. Total revenue is the total sales proceeds of a firm by selling a commodity at a given price. | 1. Marginal revenue is the net addition made to total revenue by selling an extra unit of the commodity. |
|
2. Formula: TR = P × Q Total revenue = Price × Quantity |
2. Formula: MRn = TRn - TRn-1 |
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RELATED QUESTIONS
Distinguish between Average Revenue and Average Cost.
Total Revenue ÷ number of units sold = ______
Complete the following statement:
Net addition made to the total revenue by selling an extra unit of a commodity is ______.
Complete the Correlation:
Total revenue : __________ :: Average revenue : `"TR"/"TQ"`
Total cost : TFC + TVC :: Average cost : _______
Give economic term:
Revenue per unit of output sold.
Give economic terms.
Revenue per unit of output sold.
Complete the correlation:
Total Revenue : ______ :: Average Revenue : TR/TQ
Find the odd word out:
Revenue concepts:
Identify and explain the following concept:
A table seller sold the table for ₹ 2,000 per price. In this way he sold 15 tables and earned ₹ 30,000.
Distinguish between:
Marginal Revenue and Marginal Cost
Identify and explain the concept from the given illustration:
Hritik earned additional revenue of ₹750 by selling additional chairs.
Net addition made to the total revenue by selling an extra unit of a commodity is ______.
Complete the Correlation.
Total revenue : ______:: Average revenue : TR/TQ
