Revenue Calculations (Grade 11 NSC Matric Economics): Flashcards

Money a firm earns from selling its products or services

$TR = P imes Q$ (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}}

$ext{Total Profit} = TR - TC$

When total revenue exceeds total costs ($TR > TC$)

When total costs exceed total revenue ($TC > TR$)

When total revenue equals total costs ($TR = TC$)

Price changes and quantity changes