SELECT * FROM question_mgmt as q WHERE id=5546 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=611 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?

Answer:

Total revenue is defined as the total sales proceeds of a producer by selling corresponding level of output. In other words it is defined as price times the quantity of output sold.
Total revenue = Price Quantity of output sold
TR = P × Q
TR = PQ
In a perfectly competitive market the market price is given i.e. a firm acts as a price taker and cannot influence the price. Hence a particular firm can influence its TR by altering the quantity of output sold.


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