ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the formula to calculate total revenue?
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Price × Quantity
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Price-Quantity
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Total cost × Quantity
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Fixed costs + Variable costs
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Explanation:
Detailed explanation-1: -You can use the total revenue equation to calculate revenue for both products and services. To make it easy to remember, just think “quantity times price.”
Detailed explanation-2: -Hence, the total revenue refers to the amount of money realized by a firm on the sale of a commodity. Total revenue is expressed as follows: TR = P x Q … where TR – Total Revenue, P – Price, and Q – Quantity of the commodity sold.
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