BUISENESS MANAGEMENT
BUSINESS PLANNING
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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: -Total revenue is the price of an item multiplied by the number of units sold: TR = P x Qd.
Detailed explanation-2: -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-3: -To calculate total revenue, multiply the number of units sold by the consumer price of each item.
Detailed explanation-4: -Therefore, total revenue (TR) is defined as the market cost price of the commodity (p) multiplied by the enterprise’s output (q).
There is 1 question to complete.