ECONOMICS

Detailed explanation-1: -TR=P×Q; P=TRQ. Q. How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?

Detailed explanation-2: -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-3: -Total revenue is the price of an item multiplied by the number of units sold: TR = P x Qd.

Detailed explanation-4: -Total revenue indicates the full amount of sales of a company’s goods or services. To calculate total revenue (TR), multiply the total amount of goods or services sold (Q) by price (P).

Detailed explanation-5: -Total revenue is the total receipts a seller can obtain from selling goods or services to buyers. It can be written as P × Q, which is the price of the goods multiplied by the quantity of the sold goods.