4.6 Marginal, Average and Total revenue

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6 Terms

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Revenue is

price x output

2
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Marginal revenue

the additional revenue generated by selling one extra unit of output

3
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Average revenue

total revenue/quantity

4
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Total revenue

price x quantity sold (the area under the AR curve)

5
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what does the AR curve represent

the price at which a firm can sell a particalar quanitity of output

6
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