Theory of Production, Cost and Revenue-Theory of revenue Micro Economics Class 11 In English-CBSE Notes
Explore NCERT Solutions for Class 11 micro economics Chapter Theory of Production, Cost and Revenue Topic Theory of revenue with simple explanations and free ncert solution in English.
Theory of Production, Cost and Revenue-Theory of revenue Micro Economics Class 11 In English-CBSE Notes
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All Topics Chapter Theory of Production, Cost and Revenue
- 1. Theory of production and production function
- 2. Theory of cost
- 3. Theory of revenue
- 4. Producers equilibrium
Notes
Theory of Production, Cost and Revenue-Theory of revenue Micro Economics Class 11 In English-CBSE Notes
Theory of Production, Cost and Revenue
Theory of revenue
Theory of Revenue:
Revenue is defined as the money received from the sale of output. It is the product of price and quantity sold.
Concept of Revenue:
Total Revenue (TR) - Total revenue refers to the total amount of money or payment received by a firm from the sale of its output.
It is expressed as -
TR = Q * P
Where,
Q = quantity sold
P = per unit price
Average Revenue (AR) - Average revenue is the per unit revenue received.
It is expressed as:
AR =TR / Q
Where,
TR = total revenue
Q = quantity sold.
Marginal Revenue (MR) - It is the addition made to the total revenue by producing one more unit of a commodity. It can be referred as a change in total revenue due to an additional unit.
MRn = TRn- TRn
OR
MR = dTR/dQ = change in TR/change in Quantity
Relationship between AR and MR :
Under perfect competition market: -
- Under perfect competition, the price remains constants and hence AR= MR = P.
- Average Revenue curve is also known as the demand curve.
Under imperfect competition market -
- Under imperfect competition price will not be same and hence AR is not equal to MR.
- Here with the increase in output AR falls and MR Falls at a faster rate than AR.
All Topics Chapter Theory of Production, Cost and Revenue
Theory of Production, Cost and Revenue-Theory of revenue Micro Economics Class 11 In English-CBSE Notes
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CBSE Notes for Class 11 micro economics Chapter Theory of Production, Cost and Revenue – Theory of revenue
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Theory of Production, Cost and Revenue-Theory of revenue Micro Economics Class 11 In English-CBSE Notes Study Materials For Class 6 to 12
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