Formula of marginal revenue
The formula for marginal revenue is:
Marginal Revenue = (Change in Total Revenue) / (Change in Quantity)
Alternatively, it can be expressed as:
Marginal Revenue = dTR / dQ
where dTR represents the change in total revenue and dQ represents the change in quantity.
The formula for marginal revenue is typically calculated as the change in total revenue divided by the change in quantity sold. Mathematically, it can be represented as:
Marginal Revenue = (ΔTotal Revenue) / (ΔQuantity)
Where:
ΔTotal Revenue represents the change in total revenue
ΔQuantity represents the change in quantity sold.