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If painter charges 0.25 per square foot and the quantity is 50 and the total cost is 72.51, what...

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If painter charges 0.25 per square foot and the quantity is 50 and the total cost is 72.51, what is the total revenue?

Total Revenue in Economics:

In the parlance of economics, the total revenue of a particular firm for a given product is determined by multiplying the unit price of a product with the total quantity of the product produced. The total accounting profit is usually calculated by deducting the total cost from the total revenue.

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The calculated value of the total revenue is $12.50.

Let P = price charged by the painter per square foot ($0.25) ; Q = quantity (i.e. 50)

The total...

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Total Revenue in Economics: Definition & Formula

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Chapter 10 / Lesson 11
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Understand what total revenue is. Learn the definition of total revenue, total revenue formula, total revenue equation, and how to calculate total revenue.


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