The Total Revenue calculator computes the Total Revenue which is the amount paid by buyers and received by sellers.
INSTRUCTIONS: Choose units and enter the following:
- (P) This is the price of a good
- (Q) This is the quantity of the good sold
Total Revenue (TR): The calculator returns the total revenue in U.S. dollars. However this can be automatically converted to compatible units via the pull-down menu
The Math /Science
The formula for Total Revenue is:
TR = P • Q
where:
- TR is the total revenue
- P is the price of a good
- Q is the quantity of the good sold
Resource:
- Mankiw, N. Gregory. "Chapter 5:The Elasticity of Demand." Principles of Microeconomics. 6th ed. Mason, OH: Thomson/South-Western, 2004. 90-94. Print.
- “Chapter 7 Consumer Choice and Elasticity.” AP Microeconomics 2018, by Eric R. Dodge, McGraw Hill Education, 2017.
