ECONOMICS

Detailed explanation-1: -Total revenue in economics refers to the total receipts from sales of a given quantity of goods or services. It is the total income of a business and is calculated by multiplying the quantity of goods sold by the price of the goods.

Detailed explanation-2: -Add the Product Revenues Add the revenue generated by each product. For example, if a company has $10, 000 in revenues generated by product A and $60, 000 in revenues generated by product B, the company has a total sales revenue of $70, 000.

Detailed explanation-3: -To calculate marginal revenue, you take the total change in revenue and then divide that by the change in the number of units sold. The marginal revenue formula is: marginal revenue = change in total revenue/change in output.

Detailed explanation-4: -Revenue (sometimes referred to as sales revenue) is the amount of gross income produced through sales of products or services. A simple way to solve for revenue is by multiplying the number of sales and the sales price or average service price (Revenue = Sales x Average Price of Service or Sales Price).

Detailed explanation-5: -Total revenue is the price of an item multiplied by the number of units sold: TR = P x Qd.