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| 1. |
What is meant by revenue in economics |
| Answer» Revenue It refers to money receipts of the producer from the sale of his output,Total Revenue (TR) It is the total money receipts of a producer on account of the sale of his total output. It can be calculated by multiplying the units of the sales with the price.Average Revenue (AR) It refers to revenue received per unit of output sold, It is the same as price of the commodity.Marginal Revenue (MR) It is the change in Total Revenue on account of the sales of an additional unit of output. | |