Total Revenue

… a core term used in Economic Analysis and Atlas102

Definition

Wikipedia (reference below) defines total revenue as the total receipts of a firm from the sale of some given quantities of a product.

Wikipedia goes on to say:

“It can be calculated as the selling price of the firm’s product times the quantity sold, i.e. total revenue = price × quantity, or letting TR be the total revenue function: TR(Q) = P(Q) x Q, where Q is the quantity of output sold, and P(Q) is the inverse demand function (the demand function solved out for price in terms of quantity demanded).”

Atlas topic, subject, and course

Producer Theory and Competition (core topic) in Economic Analysis and Atlas102 Economic Analysis.

Sources

Wikipedia, Total revenue, at https://en.wikipedia.org/wiki/Total_revenue, accessed 7 May 2016.

Page created by: Ian Clark, last modified 7 May 2016.