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Question
Identify and explain the following concept:
A table seller sold the table for ₹ 2,000 per price. In this way he sold 15 tables and earned ₹ 30,000.
Short/Brief Note
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Solution
Concept: Total Revenue
Explanation:
Total revenue is the total sales proceeds of a firm by selling a commodity at a given price. It is the total income of a firm.
Total revenue is calculated as follows:
Total revenue = Price × Quantity
= 2000 × 15
= ₹ 30,000
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