Schema (genetic algorithms)

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

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

See also

• Marginal revenue
• Profit maximization

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