Given that TR is total revenue, then TRn -TR (n-1) can be used to find the

Assessment: WAEC SSCE - Economics - 2007 (Objective) Subject: Economics

Question 1 Report

Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
Answer Details
The expression TRn - TR (n-1) represents the change in total revenue resulting from an increase in the level of output from n-1 units to n units. Therefore, this expression is used to calculate the marginal revenue of producing the additional unit of output. Marginal revenue is the additional revenue generated from selling one more unit of a product. Hence, TRn - TR (n-1) is the formula for calculating marginal revenue.
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