Total revenue is the total receipts of a firm from the sale of any given quantity of a product.
It can be calculated as the selling price of the firm's product times the quantity sold, i.e. total revenue = price × quantity, or letting TR be the total revenue function:
where Q is the quantity of output sold, and P(Q) is the inverse demand function (the demand function solved out for price in terms of quantity demanded).
Famous quotes containing the words total and/or revenue:
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Firstly inclined to take what it is told.
Firstly inclined to lean. Greedy to give
Faith tidy and total. To a total God.”
—Gwendolyn Brooks (b. 1917)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
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