Revenue: income earned from selling products.
Sometimes called sales, sales revenue or turnover.
Total revenue is found by multiplying selling price per item by the quantity (amount) of items sold.
Revenue = price x quantity or TR = P x Q where TR is total revenue, P is price and Q is quantity
Example: calculate total revenue if 2,000 items priced £30 each are sold. TR = £30 x 2,000 = £60,000
1(b) Calculate the revenue per day. (2 marks)
Summer 2019 Paper 11
90 × $2.50 = $225