What Is Revenue In Economics
Total revenue in economics refers to the total sales of a firm based on a given quantity of goods. It is the total income of a company and is calculated by Revenue function R(x) – Gives the revenue, in dollars, obtained by the producer for producing and selling x units. If p(x) is the price per unit when x units are produced and sold, then R(x) = xp(x): Robb T. Koether (Hampden-Sydney
Revenue is the type of income that is generated from normal business operations and this includes discounts and other deductions for the returned merchandise. Of the various classifications of public revenue available in economic literature, we shall review a few important ones. 1. Taylor’s Classification: The most logical and scientifically based
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