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Economics 3.3.1

Economics- Edexcel 3.3.1

TermDefinition
revenue income generated from the sale of goods and services in a market
AR average revenue
average revenue price per unit
average revenue formula total revenue / output
MR marginal revenue
marginal revenue formula change in revenue from selling one extra unit of output
TR total revenue
total revenue formula price per unit * quantity or AR * Q
where does maximum total revenue occur? where marginal revenue is zero
what does it mean when total revenue is at maximum? no more added revenue can be achieved from producing and then selling an extra unit of output
what is the coefficient of price elasticity of demand when marginal revenue is zero? 1
what happens when marginal revenue becomes negative? if prices were cut further then total revenue would fall
where do price takers operate? in perfectly competitive markets
what happens to revenues at high prices? a fall in price will have an elastic price response causing total revenue to rise
Created by: jessharris
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