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10 questions from this quiz
Money earned from selling products
TR=P×QTR = P \times QTR=P×Q
R1,500
Extra income from selling one more unit
MR=Change in TRChange in UnitsMR = \frac{\text{Change in TR}}{\text{Change in Units}}MR=Change in UnitsChange in TR
R90
Price changes and quantity changes
Total Profit=TR−TC\text{Total Profit} = TR - TCTotal Profit=TR−TC
When TR>TCTR > TCTR>TC
When total revenue equals total costs
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