Revenue.pdf
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Revenue is the amount of money a company receives during a period, including discounts and returns. It is the top line or gross income before subtracting costs. There are three types of revenue: total revenue, which is total receipts from sales; average revenue, which is total revenue divided by quantity sold; and marginal revenue, which is the change in total revenue from selling one more unit. Marginal revenue is calculated by subtracting total revenues with different quantities sold. Total revenue is calculated by multiplying price and quantity. Average revenue is either price under perfect competition or declines under imperfect competition as more is produced.
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For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Pranto Karmoker (leader)
Ariful Islam
Monir Hossain
Sohag Miah
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Revenue and profit
Revenue is the money a company receives, including after discounts and returns. Total revenue is the total income and is calculated as price multiplied by quantity. Marginal revenue is the additional revenue from selling one more unit and is the change in total revenue divided by the change in quantity. Average revenue is revenue per unit and is total revenue divided by the quantity sold. Profit is calculated as total revenue minus total costs and represents the difference between revenue generated and costs of inputs.
12 Firms in Competitive Markets.pptx
The document discusses key concepts regarding firms in competitive markets, including:
1) A competitive firm is a price taker and aims to maximize profits by producing where marginal revenue equals marginal cost. The portion of the marginal cost curve above average variable cost represents the firm's short-run supply curve.
2) In the long-run, firms will enter or exit the market until price equals minimum average total cost and profits are driven to zero. The portion of the marginal cost curve above average total cost represents the firm's long-run supply curve.
3) Market supply is determined by the summed individual firm supply curves. In the long-run, entry and exit of firms leads to a horizontal market supply curve
market structure in economics
The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market.Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control over supply and prices. (4) Monopsony: single buyer with considerable control over demand and prices.
10 revenue
1. The document discusses concepts of revenue including total revenue, average revenue, and marginal revenue under conditions of perfect competition and imperfect competition.
2. It explains that under perfect competition, price equals average revenue which also equals marginal revenue, whereas under imperfect competition, average revenue is equal to price but marginal revenue declines as output increases.
3. The key conditions for a firm to maximize its profit are for marginal revenue to equal marginal cost and for the marginal cost curve to be rising. Profit is maximized at the level of output where these two conditions are met.
breck even point cost management and accounting
This document discusses break-even analysis, which is used to determine the sales volume needed for a business to start making a profit. It defines key terms like fixed costs, variable costs, total revenue, and profit/loss. An example is provided to demonstrate how to calculate break-even point. The limitations of assuming fixed costs and demand are constant are also noted. In conclusion, determining break-even point is important for setting price and knowing how much is needed in sales to cover costs.
Firms in competitive market
Firms in competitive markets are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the short run, a competitive firm's supply curve is its marginal cost curve. In the long run, firms will enter or exit the market to earn normal profits when price equals average total cost. If demand increases in the short run, price and quantity rise as firms earn profits. In the long run, entry of new firms causes supply to increase, price and profits to fall back to normal.
Break Even Analysis
A breakeven analysis is used to determine how much sales volume your business needs to start making a profit.
The breakeven analysis is especially useful when you're developing a pricing strategy, either as part of a marketing plan or a business plan.
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For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Pranto Karmoker (leader)
Ariful Islam
Monir Hossain
Sohag Miah
Shammira Parvin
Revenue and profit
Revenue is the money a company receives, including after discounts and returns. Total revenue is the total income and is calculated as price multiplied by quantity. Marginal revenue is the additional revenue from selling one more unit and is the change in total revenue divided by the change in quantity. Average revenue is revenue per unit and is total revenue divided by the quantity sold. Profit is calculated as total revenue minus total costs and represents the difference between revenue generated and costs of inputs.
12 Firms in Competitive Markets.pptx
The document discusses key concepts regarding firms in competitive markets, including:
1) A competitive firm is a price taker and aims to maximize profits by producing where marginal revenue equals marginal cost. The portion of the marginal cost curve above average variable cost represents the firm's short-run supply curve.
2) In the long-run, firms will enter or exit the market until price equals minimum average total cost and profits are driven to zero. The portion of the marginal cost curve above average total cost represents the firm's long-run supply curve.
3) Market supply is determined by the summed individual firm supply curves. In the long-run, entry and exit of firms leads to a horizontal market supply curve
market structure in economics
The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market.Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control over supply and prices. (4) Monopsony: single buyer with considerable control over demand and prices.
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1. The document discusses concepts of revenue including total revenue, average revenue, and marginal revenue under conditions of perfect competition and imperfect competition.
2. It explains that under perfect competition, price equals average revenue which also equals marginal revenue, whereas under imperfect competition, average revenue is equal to price but marginal revenue declines as output increases.
3. The key conditions for a firm to maximize its profit are for marginal revenue to equal marginal cost and for the marginal cost curve to be rising. Profit is maximized at the level of output where these two conditions are met.
breck even point cost management and accounting
This document discusses break-even analysis, which is used to determine the sales volume needed for a business to start making a profit. It defines key terms like fixed costs, variable costs, total revenue, and profit/loss. An example is provided to demonstrate how to calculate break-even point. The limitations of assuming fixed costs and demand are constant are also noted. In conclusion, determining break-even point is important for setting price and knowing how much is needed in sales to cover costs.
Firms in competitive market
Firms in competitive markets are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the short run, a competitive firm's supply curve is its marginal cost curve. In the long run, firms will enter or exit the market to earn normal profits when price equals average total cost. If demand increases in the short run, price and quantity rise as firms earn profits. In the long run, entry of new firms causes supply to increase, price and profits to fall back to normal.
Break Even Analysis
A breakeven analysis is used to determine how much sales volume your business needs to start making a profit.
The breakeven analysis is especially useful when you're developing a pricing strategy, either as part of a marketing plan or a business plan.
BREAK-EVEN ANALYSIS
INTRODUCTION
A breakeven analysis is used to determine how much sales volume your business needs to start making a profit.
The breakeven analysis is especially useful when you're developing a pricing strategy, either as part of a marketing plan or a business plan.
In economics & business, specifically cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even".
Total cost = Total revenue = B.E.P.
COST-VOLUME-PROFIT (CVP) ANALYSIS
Marginal costing is a technique that uses the concept of marginal cost, which is the change in total cost from producing one additional unit. It involves separating total costs into fixed and variable costs. Contribution margin is the difference between selling price and variable cost per unit, and shows the amount available to cover fixed costs and generate profit. Cost-volume-profit (CVP) analysis examines how costs, revenue, and profit change with production volume. It can be used to determine the break-even point and plan production levels required to achieve profit targets. Managers use CVP to make decisions about pricing, production, investment, and financing.
Profit Maximization
The document discusses the concept of profit maximization for firms. It states that firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost. Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit. The profit-maximizing level of output occurs when marginal revenue and marginal cost are equal, as this is where profits are highest.
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This document discusses market structures, specifically perfect competition. It defines key features of perfect competition including a large number of buyers and sellers, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the long run, no firms earn supernormal profits and all firms earn only normal profits as entry and exit leads to equilibrium.
Break even (2)
The document provides an overview of break-even analysis. It defines break-even point as the level of sales or production where total revenue equals total costs, resulting in no profit or loss. It explains fixed and variable costs and how to calculate break-even point algebraically as fixed costs divided by the difference between selling price and variable cost per unit. An example calculates that a company needs to sell 10,000 Christmas trees at $8 each to cover its $30,000 in fixed costs and $5 variable cost per tree.
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Revenues and revenue curves
this is first attempt to share my slides on online media. Please suggests me how can i improve my presentation.
Profit maximization and perfect competition
1) A firm produces at the quantity where marginal revenue equals marginal cost to maximize profits. This is the point where additional revenue from producing another unit equals the additional costs.
2) A firm's profit is maximized by producing at the output level where marginal revenue equals marginal cost. Producing more would mean marginal costs exceed marginal revenues, reducing profits.
3) In the short run, a competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits. The firm's profit is represented by the rectangle between average total cost and marginal cost at the profit-maximizing quantity.
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This document discusses market structures and perfect competition. It defines perfect competition and its key features. It then examines the demand curve, profit maximization approaches, and equilibrium of a perfectly competitive firm in both the short-run and long-run. In the short-run, a competitive firm will produce at the quantity where marginal revenue equals marginal cost to maximize profits. In the long-run, all firms will earn only normal profits and produce where price equals minimum average cost. The document also provides an example to calculate total revenue, marginal revenue, marginal cost, profit maximizing output, and break-even point for a competitive firm.
Revenue (eco bms sem 1)
Revenue is the total amount of money a firm receives from selling goods or services. Total revenue is the total receipts over a period of time, which equals price multiplied by quantity sold. Average revenue is total revenue divided by quantity and equals price, since firms typically sell units at a single price. Marginal revenue is the change in total revenue from selling one more unit. Firms aim to maximize profit by producing where marginal revenue equals marginal cost, the point of profit maximization. This occurs at the quantity where the distance between total revenue and total cost curves is greatest.
Fundamentals of EconomicsA. Profit MaximizationProfit Maximi.docx
Fundamentals of Economics
A. Profit Maximization
Profit Maximization is the determination of the best output in relation to price levels so that returns for the firm are maximized. A company usually has profit goals that must be reach, so various strategies such as reducing production costs, adjusting sale prices, and maximizing output levels are used.
A company should always use profit maximization methods, but these methods may negatively affect consumers if the method results in poor-quality product or higher prices.
Two main methods are use in profit maximization: a) Total Cost-Total Revenue Method and b) Marginal Cost-Marginal Revenue Method.
a) Total revenue to total cost
Total revenue less total cost is the profit, expressed as Π = TR – TC. Total revenue is the total amount of money the company receives from selling its products, or from other aspects of its business operations. Total cost is the sum of all aspects of the company’s production and operations, including non-monetary costs. Non-monetary costs include items that were not paid in cash but were incurred, like the time spent by the owner managing the business, or the equivalent cost of using the land or machineries of the owners, as if they are being rented.
If non-monetary costs will not be included in the computation of revenue, an accounting profit will result, but it will not be the actual economic profit. To obtain the economic profit, all explicit and implicit costs should be accounted for, including opportunity costs.
To find out how much profit the firm actually make, costs have to be determined. All the information can be derived from ATC. As ATC = TC/Q, so TC = ATC x Q. Profit maximization levels can be found by the simple multiplication and subtraction approach. Profit maximization = Total Revenue (TR) – Costs (C). (NEWLY ADDED)
Criterion Score:2.00
Comments on this criterion (optional): The submission explains Total Revenue and Total Cost.
However, the point at which profit maximization is reached and how it is recognized using total
revenue and total cost as criteria could not be located in the submission. Please revise and
resubmit.
b) Marginal revenue to marginal cost
Marginal revenue is the added revenue when one more unit of output is sold. The profit maximizing level of output for monopolists is arrived at after equating its marginal revenue and its marginal cost. This is also the same condition for profit maximization that a perfectly competitive firm uses in determining its output equilibrium level. Marginal revenue equals marginal cost is the condition firms in different market structures use in determining their profit maximizing level of output.
Marginal cost is the cost of the additional unit, or the cost of produce one more unit. It is hard to determine the exact cost of the last unit, but the average cost of a group of units can easily be calculated. The change in costs from a previous level is divided by the change in quantity fr.
Chemical process economics
This document discusses break even analysis, which is used to determine the sales volume needed for a business to start making a profit. It defines the break even point as when total costs equal total revenue. The document provides formulas to calculate break even point, contribution margin, and margin of safety using data on fixed costs, variable costs, sales price, and sales volume. An example calculation is shown to illustrate applying the formulas.
Chap5
This chapter discusses perfect competition and profit maximization in competitive markets. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where marginal revenue equals marginal cost.
2. In the short run, firms will shut down if price falls below average variable cost or operate at a loss if price is between average variable and average total cost. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium price and quantity in both the
Chap5
This chapter discusses perfect competition and profit maximization in perfect competition. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where MR=MC.
2. In the short run, firms will shut down if P<AVC or operate to minimize losses if ATC>P>AVC. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium prices and quantities in the short and long run through adjustments to
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This document discusses break-even analysis, which is a method used to determine the minimum sales level required for a company to start making a profit. It examines the relationship between costs and sales volume. The break-even point is where total revenues equal total costs - there is no net profit or loss. Linear break-even analysis can graph costs and revenues at different production levels to determine the break-even point quantity. The document outlines algebraic and chart methods for calculating the break-even point quantity algebraically or graphically.
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The document discusses concepts related to revenue, costs, and profit maximization for a firm. It defines total revenue, average revenue, and marginal revenue, and how they relate. It also discusses total costs, fixed costs, variable costs, marginal costs, and how profit is calculated as total revenue minus total costs. Graphs are used to illustrate the relationships between these concepts and how a firm can determine its profit-maximizing level of output by producing where marginal revenue equals marginal cost, or finding the maximum difference between total revenue and total cost curves.
Break Even Analysis
This document defines and explains break even analysis. It lists the group members and contents. Break even analysis determines the level of output needed for total revenue to equal total costs. It discusses calculating break even points using fixed and variable costs. The purpose is to provide a rough earnings indicator. Limitations include not accounting for demand changes. Calculators are available to assist with break even calculations.
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BREAK-EVEN ANALYSIS
INTRODUCTION
A breakeven analysis is used to determine how much sales volume your business needs to start making a profit.
The breakeven analysis is especially useful when you're developing a pricing strategy, either as part of a marketing plan or a business plan.
In economics & business, specifically cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even".
Total cost = Total revenue = B.E.P.
COST-VOLUME-PROFIT (CVP) ANALYSIS
Marginal costing is a technique that uses the concept of marginal cost, which is the change in total cost from producing one additional unit. It involves separating total costs into fixed and variable costs. Contribution margin is the difference between selling price and variable cost per unit, and shows the amount available to cover fixed costs and generate profit. Cost-volume-profit (CVP) analysis examines how costs, revenue, and profit change with production volume. It can be used to determine the break-even point and plan production levels required to achieve profit targets. Managers use CVP to make decisions about pricing, production, investment, and financing.
Profit Maximization
The document discusses the concept of profit maximization for firms. It states that firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost. Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit. The profit-maximizing level of output occurs when marginal revenue and marginal cost are equal, as this is where profits are highest.
Perfect competition iimm
This document discusses market structures, specifically perfect competition. It defines key features of perfect competition including a large number of buyers and sellers, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and maximize profits by producing where marginal revenue equals marginal cost. In the long run, no firms earn supernormal profits and all firms earn only normal profits as entry and exit leads to equilibrium.
Break even (2)
The document provides an overview of break-even analysis. It defines break-even point as the level of sales or production where total revenue equals total costs, resulting in no profit or loss. It explains fixed and variable costs and how to calculate break-even point algebraically as fixed costs divided by the difference between selling price and variable cost per unit. An example calculates that a company needs to sell 10,000 Christmas trees at $8 each to cover its $30,000 in fixed costs and $5 variable cost per tree.
Business economics cost analysis
The document discusses various cost concepts in business economics including cost functions, opportunity costs, types of costs, fixed and variable costs, total costs, average costs, marginal costs, break-even analysis, contribution margin, and profit-volume ratio. It provides definitions and formulas for these concepts and illustrates their calculation and application in decision making.
Revenues and revenue curves
this is first attempt to share my slides on online media. Please suggests me how can i improve my presentation.
Profit maximization and perfect competition
1) A firm produces at the quantity where marginal revenue equals marginal cost to maximize profits. This is the point where additional revenue from producing another unit equals the additional costs.
2) A firm's profit is maximized by producing at the output level where marginal revenue equals marginal cost. Producing more would mean marginal costs exceed marginal revenues, reducing profits.
3) In the short run, a competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits. The firm's profit is represented by the rectangle between average total cost and marginal cost at the profit-maximizing quantity.
DOC-20221129-WA0004cot an work aacounting ppt foile for becom and mocm..pptx
this is cost and work accounting file
Market Structures.pptx
This document discusses market structures and perfect competition. It defines perfect competition and its key features. It then examines the demand curve, profit maximization approaches, and equilibrium of a perfectly competitive firm in both the short-run and long-run. In the short-run, a competitive firm will produce at the quantity where marginal revenue equals marginal cost to maximize profits. In the long-run, all firms will earn only normal profits and produce where price equals minimum average cost. The document also provides an example to calculate total revenue, marginal revenue, marginal cost, profit maximizing output, and break-even point for a competitive firm.
Revenue (eco bms sem 1)
Revenue is the total amount of money a firm receives from selling goods or services. Total revenue is the total receipts over a period of time, which equals price multiplied by quantity sold. Average revenue is total revenue divided by quantity and equals price, since firms typically sell units at a single price. Marginal revenue is the change in total revenue from selling one more unit. Firms aim to maximize profit by producing where marginal revenue equals marginal cost, the point of profit maximization. This occurs at the quantity where the distance between total revenue and total cost curves is greatest.
Fundamentals of EconomicsA. Profit MaximizationProfit Maximi.docx
Fundamentals of Economics
A. Profit Maximization
Profit Maximization is the determination of the best output in relation to price levels so that returns for the firm are maximized. A company usually has profit goals that must be reach, so various strategies such as reducing production costs, adjusting sale prices, and maximizing output levels are used.
A company should always use profit maximization methods, but these methods may negatively affect consumers if the method results in poor-quality product or higher prices.
Two main methods are use in profit maximization: a) Total Cost-Total Revenue Method and b) Marginal Cost-Marginal Revenue Method.
a) Total revenue to total cost
Total revenue less total cost is the profit, expressed as Π = TR – TC. Total revenue is the total amount of money the company receives from selling its products, or from other aspects of its business operations. Total cost is the sum of all aspects of the company’s production and operations, including non-monetary costs. Non-monetary costs include items that were not paid in cash but were incurred, like the time spent by the owner managing the business, or the equivalent cost of using the land or machineries of the owners, as if they are being rented.
If non-monetary costs will not be included in the computation of revenue, an accounting profit will result, but it will not be the actual economic profit. To obtain the economic profit, all explicit and implicit costs should be accounted for, including opportunity costs.
To find out how much profit the firm actually make, costs have to be determined. All the information can be derived from ATC. As ATC = TC/Q, so TC = ATC x Q. Profit maximization levels can be found by the simple multiplication and subtraction approach. Profit maximization = Total Revenue (TR) – Costs (C). (NEWLY ADDED)
Criterion Score:2.00
Comments on this criterion (optional): The submission explains Total Revenue and Total Cost.
However, the point at which profit maximization is reached and how it is recognized using total
revenue and total cost as criteria could not be located in the submission. Please revise and
resubmit.
b) Marginal revenue to marginal cost
Marginal revenue is the added revenue when one more unit of output is sold. The profit maximizing level of output for monopolists is arrived at after equating its marginal revenue and its marginal cost. This is also the same condition for profit maximization that a perfectly competitive firm uses in determining its output equilibrium level. Marginal revenue equals marginal cost is the condition firms in different market structures use in determining their profit maximizing level of output.
Marginal cost is the cost of the additional unit, or the cost of produce one more unit. It is hard to determine the exact cost of the last unit, but the average cost of a group of units can easily be calculated. The change in costs from a previous level is divided by the change in quantity fr.
Chemical process economics
This document discusses break even analysis, which is used to determine the sales volume needed for a business to start making a profit. It defines the break even point as when total costs equal total revenue. The document provides formulas to calculate break even point, contribution margin, and margin of safety using data on fixed costs, variable costs, sales price, and sales volume. An example calculation is shown to illustrate applying the formulas.
Chap5
This chapter discusses perfect competition and profit maximization in competitive markets. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where marginal revenue equals marginal cost.
2. In the short run, firms will shut down if price falls below average variable cost or operate at a loss if price is between average variable and average total cost. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium price and quantity in both the
Chap5
This chapter discusses perfect competition and profit maximization in perfect competition. It contains the following key points:
1. Under perfect competition, there are many small firms and buyers/sellers, homogeneous products, free entry and exit, and perfect information. Firms are price takers and maximize profits by producing where MR=MC.
2. In the short run, firms will shut down if P<AVC or operate to minimize losses if ATC>P>AVC. In the long run, zero economic profits are achieved through free entry and exit of firms.
3. External changes like shifting demand curves or new technology can impact market equilibrium prices and quantities in the short and long run through adjustments to
Economics Perfect Market Competition
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Break Even Analysis
This document discusses break-even analysis, which is a method used to determine the minimum sales level required for a company to start making a profit. It examines the relationship between costs and sales volume. The break-even point is where total revenues equal total costs - there is no net profit or loss. Linear break-even analysis can graph costs and revenues at different production levels to determine the break-even point quantity. The document outlines algebraic and chart methods for calculating the break-even point quantity algebraically or graphically.
Revenue and BEA additional of ecoconomy.pptx
To calculate the break-even point for a new business delivering fruit and vegetable boxes, the entrepreneur identified his fixed costs as £2000 per month and the variable cost per box as £5. The boxes would be sold for £9 each. Using the contribution margin method, he calculated that break-even would be reached at 500 boxes per month, where the total contribution (£4 per box) equals the fixed costs. If he can sell the projected 650 boxes per month, his monthly profit would be £600.
Revenue
The document discusses concepts related to revenue, costs, and profit maximization for a firm. It defines total revenue, average revenue, and marginal revenue, and how they relate. It also discusses total costs, fixed costs, variable costs, marginal costs, and how profit is calculated as total revenue minus total costs. Graphs are used to illustrate the relationships between these concepts and how a firm can determine its profit-maximizing level of output by producing where marginal revenue equals marginal cost, or finding the maximum difference between total revenue and total cost curves.
Break Even Analysis
This document defines and explains break even analysis. It lists the group members and contents. Break even analysis determines the level of output needed for total revenue to equal total costs. It discusses calculating break even points using fixed and variable costs. The purpose is to provide a rough earnings indicator. Limitations include not accounting for demand changes. Calculators are available to assist with break even calculations.
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Revenue.pdf
- 1. Submitted By Utkarsh Goyal Submitted To Abhilasha Dixit
- 2. Revenue Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. It consists of following three types. Revenue Total Revenue Average Revenue Marginal Revenue
- 3. Concept of Revenue Total Revenue => Total Revenue refers to total receipts from the sale of a given quantity of a commodity. It is the total income of a firm. Total revenue is obtained by multiplying the quantity of the commodity sold with the price of the commodity. Total Revenue = Quantity × Price Average Revenue => Average revenue refers to the revenue obtained by the seller by selling the per unit commodity. It is obtained by dividing the total revenue by total output. Average Revenue = Total Revenue/Quantity AR refers to the rate at which output is sold. Accordingly AR is nothing but price of the product.
- 4. Marginal Revenue => Marginal revenue is the net revenue obtained by selling an additional unit of the commodity. It is the addition made to the total revenue by selling one more unit of the good. In algebraic terms, marginal revenue is the net addition to the total revenue by selling n units of a commodity instead of n – 1. Change in Total Revenue TR Change in Quantity Sold TQ MR = =
- 5. Example: Imperfect competition Output Q Average Revenue (Price) Total Revenue TR = AR X Q Marginal Revenue MR =TR(n) - TR(n-1) 1 10 10 - 2 9 18 8 3 8 24 6 4 7 28 4 5 6 30 2 6 5 30 0 7 4 28 -2 8 3 24 -4 9 2 18 -6 10 1 10 -8
- 6. Relationship between Total, Average and Marginal Revenue. Imperfect competition -10 -5 0 5 10 15 1 2 3 4 5 6 7 8 9 10 AR MR 0 10 20 30 40 1 2 3 4 5 6 7 8 9 10 TR P R I C E P R I C E
- 7. Example: Perfect competition Output Q Average Revenue (Price) Total Revenue TR = AR X Q Marginal Revenue MR =TR(n) - TR(n- 1) 1 10 10 - 2 10 20 10 3 10 30 10 4 10 40 10 5 10 50 10 6 10 60 10 7 10 70 10 8 10 80 10 9 10 90 10 10 10 100 10
- 8. Relationship between Total, Average and Marginal Revenue. Perfect competition 0 2 4 6 8 10 12 1 2 3 4 5 6 7 8 9 10 AR MR 0 20 40 60 80 100 120 1 2 3 4 5 6 7 8 9 10 TR P R I C E P R I C E