ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Total revenue is the price of an item multiplied by the number of units sold: TR = P x Qd.

Detailed explanation-3: -To calculate total revenue, multiply the number of units sold by the consumer price of each item.

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 (TR) is calculated by multiplying price (P) per unit and quantity (Q) of the good sold. The total revenue test is a method of estimating the price elasticity of demand. As Ed will impact the total revenue, we can estimate the Ed by looking at the movement of the total revenue.