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Revenue:Total, Marginal and Average

Revenue:Total, Marginal and Average

Author: Justin Tapp
Description:

This lesson will explain Revenue:Total, Marginal and Average

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Tutorial

Notes on "Revenue:Total, Marginal and Average"

Terms to Know

Total Revenue

The amount received from sales of the good or service produced

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.

Average Revenue

Total revenue divided by the quantity sold