ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Review: Total revenue is price times quantity demanded: TR = P x Q. Review: Elastic demand indicates price sensitivity; inelastic demand indicates price insensitivity.

Detailed explanation-2: -It is the total income of a business and is calculated by multiplying the quantity of goods sold by the price of the goods. For example, if Company A produces 100 widgets and sells them for $50 each, the total revenue would be 100 * $50 = $5, 000.

Detailed explanation-3: -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.

Detailed explanation-4: -Total revenue test formula To calculate total revenue (TR), multiply the price per unit (P) and quantity of the product sold (Q). You can use the total revenue test to estimate a product’s price elasticity of demand.

Detailed explanation-5: -The key concept in thinking about collecting the most revenue is the price elasticity of demand. Total revenue is price times the quantity of tickets sold (TR = P x Qd).