Total revenue
What Total revenue means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Total revenue
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Reference: Pearson Edexcel
The income a firm receives from sales, which changes when prices change depending on PED.
Price multiplied by quantity sold, representing the total income from sales.
Topics that use Total revenue
- Price elasticity of demand (PED) (Pearson Edexcel A-Level)
Related terms
- Necessity versus luxury
- Percentage changes
- Price elastic demand
- Price elasticity of demand
- Price inelastic demand
- Pricing strategies
- Substitutability
- Time periods in economics
Using Total revenue in the exam
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