Economics
5th Edition
ISBN: 9781319066604
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Chapter 14, Problem 14P
To determine
Concept Introduction:
Total Revenue: It refers to the total receipts received by selling a given quantity of goods or services; it is also known as the total income of a business or a firm. The formula to calculate the total revenue is:
Here,
- TR is the total revenue.
- P is the
price of a commodity. - Q is the quantity of that commodity.
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