a) Revenue

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Last updated 9:27 PM on 5/10/26
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7 Terms

1
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  • define total revenue

  • revenue from producing all output

2
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  • state the formula for total revenue

  • TR = P × Q

3
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  • define average revenue (price)

  • revenue from producing one unit of output

4
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  • state the formula for average revenue

  • AR = TR/Q

5
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  • define marginal revenue

  • revenue from producing one additional unit of output

6
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  • state the formula for marginal revenue

  • MR = ΔTR / ΔQ

7
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  • show a revenue-output graph for a firm in imperfect competition

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