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10 cards from this deck
Money a firm earns from selling its products or services
TR=PimesQTR = P imes QTR=PimesQ (Price times Quantity)
All money from selling products during a specific period
Extra income from selling one additional unit of product
rac{ ext{Change in TR}}{ ext{Change in Units Sold}}
extTotalProfit=TR−TC ext{Total Profit} = TR - TCextTotalProfit=TR−TC
When total revenue exceeds total costs (TR>TCTR > TCTR>TC)
When total costs exceed total revenue (TC>TRTC > TRTC>TR)
When total revenue equals total costs (TR=TCTR = TCTR=TC)
Price changes and quantity changes
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