In the below figure, if DD is the demand curve and R is a given point on it, then the area of the shaded portion OP1RQ1 is _____? (a) Total Revenue (TR) (b) Marginal Revenue (MR) (... In the below figure, if DD is the demand curve and R is a given point on it, then the area of the shaded portion OP1RQ1 is _____? (a) Total Revenue (TR) (b) Marginal Revenue (MR) (c) Total Cost (TC) (d) None of these
Understand the Problem
The question is asking about the area under a demand curve in relation to a shaded portion of a graph. It requires understanding of economic concepts like Total Revenue and Marginal Revenue to determine what the shaded area represents.
Answer
Total Revenue (TR)
The final answer is Total Revenue (TR)
Answer for screen readers
The final answer is Total Revenue (TR)
More Information
In economics, the area under a demand curve up to a specific point typically represents Total Revenue (TR), which is calculated as the price (P) times the quantity (Q) sold.
Sources
- CA foundation Economics Paper4 Part I Questions for practice - Gneet - maths.gneet.com
- Mock Test Paper - Series I: April 2024 - AWS - il-app.s3.ap-south-1.amazonaws.com
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