Save
...
Theme 3
Revenues, Costs and Profit
3.3.1 - Revenue
Save
Share
Learn
Content
Leaderboard
Share
Learn
Created by
Saberie Mohammad
Visit profile
Cards (10)
What is total revenue?
Total revenue
is the total income a firm receives from selling its
goods
or
services
.
View source
How is marginal revenue calculated?
Marginal revenue is calculated as
T
R
−
P
x
Q
TR - PxQ
TR
−
P
x
Q
.
View source
What does average revenue represent?
Average revenue represents the revenue earned
per unit
of output sold, equivalent to the
price
of a good.
View source
What is the relationship between marginal revenue and average revenue?
Marginal revenue is always
twice as steep
as average revenue.
View source
When is total revenue maximized?
Total revenue is maximized when marginal revenue equals zero.
View source
How does price elasticity of demand affect total revenue?
Elastic demand leads to an increase in total revenue, while inelastic demand leads to a decrease.
View source
What is the marginal revenue for price elastic demand?
For price elastic demand, marginal revenue is positive.
View source
What is the marginal revenue for price inelastic demand?
For price inelastic demand, marginal revenue is negative.
View source
What happens to total revenue when demand is unitary price elastic?
Total revenue is maximized when demand is unitary price elastic.
View source
What factors influence revenue dynamics?
Demand elasticity
Total Revenue (TR)
Average Revenue (AR)
Marginal Revenue (MR)
Pricing and production strategies
View source
See similar decks
Edexcel A-Level Geography
1080 cards
Edexcel A-Level Physics
3500 cards
Edexcel A-Level Spanish
423 cards
AQA A-Level Economics
4581 cards
Edexcel A-Level Mathematics
1566 cards
Edexcel A-Level Politics
2641 cards
OCR A-Level Economics
1020 cards
Edexcel A-Level Media Studies
1371 cards
Edexcel A-Level English Language
949 cards
3.2.1 Costs
Edexcel GCSE Economics > 3. Business Economics > 3.2 Costs, Revenues, and Profits
28 cards
3.3.1 Revenue
Edexcel A-Level Economics > Theme 3: Business behaviour and the labour market > 3.3 Revenues, costs, and profits
64 cards
3.2.2 Revenues
Edexcel GCSE Economics > 3. Business Economics > 3.2 Costs, Revenues, and Profits
52 cards
Edexcel GCSE Economics
3802 cards
3.2.1 Costs
Edexcel GCSE Economics > 3. Business Economics > 3.2 Costs, Revenues, and Profits
51 cards
Edexcel GCSE Economics
3657 cards
3.2.2 Revenues
Edexcel GCSE Economics > 3. Business Economics > 3.2 Costs, Revenues, and Profits
45 cards
Edexcel A-Level English Literature
1057 cards
3.3.3 Profit
Edexcel A-Level Economics > Theme 3: Business behaviour and the labour market > 3.3 Revenues, costs, and profits
51 cards
3.2 Costs, Revenues, and Profits
Edexcel GCSE Economics > 3. Business Economics
95 cards
3.2 Costs, Revenues, and Profits
Edexcel GCSE Economics > 3. Business Economics
129 cards
3.3.2 Costs
Edexcel A-Level Economics > Theme 3: Business behaviour and the labour market > 3.3 Revenues, costs, and profits
83 cards