Total Revenue:
If a firm sells 100 units for ` 10 each, what is the amount which it realises? It realises ` 1,000 (100 x 10), which is nothing but the total revenue for the firm. Thus, we may state that total revenue or the total expenditure incurred by the purchasers of the firm’s product refers to the amount of money which a firm realises by selling certain units of a commodity. Symbolically, total revenue may be expressed as TR = P x Q.
Where, TR is total revenue P is price
Q is quantity of a commodity sold.
Where, TR is total revenue P is price
Q is quantity of a commodity sold.
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