Revenue Types : Total, Average and Marginal Revenue

Revenue refers to the income earned by a firm through the sale of goods at different prices. In the words of Dooley, ‘the revenue of a firm is its sales, receipts or income’. The revenue concepts are concerned with Total Revenue, Average Revenue and Marginal Revenue.

Academic Questions on Revenue Types

Question. From the give table calculate Elasticity of Price, Total Revenue and Marginal Revenue. Also, explain the relationship between AR and MR.

Price, Quantity, Total Revenue, Marginal Revenue

• 6, 0, ,
• 5, 100, ,
• 4, 200, ,
• 3, 300, ,
• 2, 400, ,
• 1, 500, ,
• 0, 600, ,

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