Schema (genetic algorithms): Difference between revisions

Revision as of 22:50, 24 March 2013

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: $TR(Q)=P(Q)\times Q$

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).

References

Jackson & Mclver, Microeconomics 8th edition.gando

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+[[File:Total revenue.svg|thumb|right|A typical marco total revenue curve (linear, not perfectly elastic demand curve illustrated)]]
+'''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:
+<math>TR(Q) = P(Q) \times Q</math>
+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).
+==References==
+* Jackson & Mclver, ''Microeconomics'' 8th edition.gando
+==See also==
+* [[Marginal revenue]]
+* [[Profit maximization]]
+{{DEFAULTSORT:Total Revenue}}
+[[Category:Economics terminology]]
+{{microeconomics-stub}}

Schema (genetic algorithms): Difference between revisions

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