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definition: Total Revenue is the amount of money a business receives from the sale of their products
- If a business sells hamburgers for $2.00 each and they sell 100 in a day, that day’s total revenue is $200.00 - Price x Quantity Sold = Total Revenue connected key terms: factors impacting elasticity | availability of substitutes | consumer budget | necessity | luxury | changes over time
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▪ price 1.00 amount sold 12 revenue = 12.00 |