Economics- Edexcel 3.3.1
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| revenue | income generated from the sale of goods and services in a market
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| AR | average revenue
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| average revenue | price per unit
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| average revenue formula | total revenue / output
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| MR | marginal revenue
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| marginal revenue formula | change in revenue from selling one extra unit of output
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| TR | total revenue
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| total revenue formula | price per unit * quantity or AR * Q
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| where does maximum total revenue occur? | where marginal revenue is zero
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| what does it mean when total revenue is at maximum? | no more added revenue can be achieved from producing and then selling an extra unit of output
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| what is the coefficient of price elasticity of demand when marginal revenue is zero? | 1
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| what happens when marginal revenue becomes negative? | if prices were cut further then total revenue would fall
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| where do price takers operate? | in perfectly competitive markets
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| what happens to revenues at high prices? | a fall in price will have an elastic price response causing total revenue to rise
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