Answer to Question #319750 in Microeconomics for preeti

Question

Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the given table 

Answer 1

Answer.

- Marginal revenue (MR) refers to the incremental change in earnings resulting from the sale of one additional unit whereas total revenue (TR) refers to the total amount of services and sales. It is calculated by multiplying the total amount of services and goods.