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17 February, 15:47

If the unit price of a product is p and buyers buy a given quantity q, then sellers would collect total revenues equal to

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  1. 17 February, 16:03
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    Revenue is the amount of money that the seller would actually receive from the buyer.

    It is calculated by multiplying the number of units by the price of one unit.

    Applying this on the question we have, we will find that the number of units is q and that the price of one unit is p.

    Therefore,

    total revenue = q x p
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