Holding all other forces constant, if decreasing the price of a good leads to an increase in total revenue, then the demand for the good must be elastic.
What is total revenue?
- Total revenue is the total amount of money a seller can earn from offering clients goods or services.
- The formula for this is PQ, or the purchase price times the quantity of the products sold.
- A calculation or equation that describes how certain sources of revenue will behave on a graph.
- The sum a corporation or business owner earns for the goods or services they sell during a given time period is known as total revenue.
- The formula for total revenue assists business owners in determining whether to raise prices or provide a discount on their products.
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