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How, are the total revenue of a firm, market price and the quantity sold by the firm related to each other?

+3 votes

asked Feb 4, 2019 in Class 12 by kratos

How, are the total revenue of a firm, market price and the quantity sold by the firm related to each other?

theory of the firm under perfect competition
class-12
production function and cost production
cbse

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1 Answer

+4 votes

answered Jul 19, 2020 by kratos

Best answer

Total revenue is the multiplication of quantity sold and market price, whereas market price is the ratio of total revenue and quantity sold.

TR = P X Q

P = △TR/△Q

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