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Total Revenue in Economics: Definition & Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Total Revenue (TR) = Price (P) x

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1. What revenue term in economics refers to the total receipts from sales of a given quantity of goods or services?

2. Price elasticity of demand is a measure used in economics to show how consumers respond or demand a product based on what?

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About This Quiz & Worksheet

Different factors makeup what constitutes total revenue for a business. The quiz and worksheet for this lesson will help you to understand and recall these elements and learn how they can affect business decisions and economic projections.

Quiz & Worksheet Goals

The quiz and worksheet will test you on:

  • The economic relationship between elasticity and revenue
  • The definition of total revenue
  • Price elasticity
  • Increasing total revenue

Skills Practiced

These resources will assess your skills of:

  • Reading comprehension - ensure that you draw the most important information from the related Total Revenue lesson
  • Defining key concepts - ensure that you can accurately define main phrases, such as price elasticity and total receipts from sales
  • Knowledge application - use your knowledge to answer questions about the elements of total revenue

Additional Learning

Be sure to review the lesson on Total Revenue in Economics: Definition & Formula in order to cover all of the relevant subject material. These objectives will be covered by the lesson:

  • Understand increasing revenue and marginal revenue
  • Identify the components of total revenue
  • Know about price elasticity
  • Understand the affect of elasticity on revenue
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