Total revenue
What Total revenue means in Economics GCSE, as defined for AQA, OCR, Pearson Edexcel.
Definitions of Total revenue
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Reference: AQA
Calculated as Price multiplied by Quantity (TR = P × Q), shown as the rectangular area bounded by the origin, the equilibrium price, the equilibrium point and the equilibrium quantity.
The total amount of money received from the sale of goods or services, calculated by multiplying the selling price by the quantity sold.
What a price change impacts, which understanding price elasticity of demand dictates for businesses when setting prices.
The overall amount of money received, calculated by multiplying the selling price of a product by the quantity sold.
The total amount of money a business receives from selling its goods or services (Price × Quantity).
The total amount of money a firm receives from selling its goods or services (Price x Quantity).
Topics that use Total revenue
- Equilibrium price (AQA GCSE)
- Price elasticity of demand (AQA GCSE)
- The importance of cost, revenue and profit for producers (AQA GCSE)
- Demand (OCR GCSE)
- Business costs, revenues and profit (Pearson Edexcel GCSE)
Related terms
- Fixed costs
- Profit
- Variable costs
- Average cost
- Average revenue
- Break-Even Point
- Consumer responsiveness
- Cost minimisation
Using Total revenue in the exam
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