Which of the following formula explains the term average revenue?
A. AR = MR × Number of units produced
B. $${\text{AR}} = \frac{{{\text{Total Revenue}}}}{{{\text{Number of units produced}}}}$$
C. $${\text{AR}} = \frac{{{\text{Total Units Produced}}}}{{{\text{Total Revenue}}}}$$
D. AR = TR - MR
Answer: Option B
This Question Belongs to Management >> Managerial Economics
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