ECONOMICS
SUPPLY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
The price for a bag is 15$, the demand for the bag is 450 units. Calculate the Total Revenue.
|
|
6750$
|
|
|
30$
|
|
|
300$
|
|
|
67, 500
|
Explanation:
Detailed explanation-1: -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-2: -1) Revenue is equal to the number of units sold times the price per unit. To obtain the revenue function, multiply the output level by the price function.
Detailed explanation-3: -Review: Total revenue is price times quantity demanded: TR = P x Q.
Detailed explanation-4: -Answer and Explanation: The total revenue is calculated by multiplying the price by the quantity demanded.
There is 1 question to complete.