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Revenue: Total, Marginal and Average

Revenue: Total, Marginal and Average

Author: Catherine Barry

This lesson will explain Revenue:Total, Marginal and Average

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Terms to Know
Average Revenue

Total revenue divided by the quantity sold.

Marginal Revenue

The additional revenue resulting from the increase of product sales by one unit.

Output Effect

The revenue received from selling additional units of a good/service.

Price Effect

In order to sell additional units, competitive firms must lower their price. The price effect represents the loss in revenue resulting from this price drop.

Total Revenue

The amount received from sales of the good or service produced.