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At a price of $20 each, the demand for t-shirts from a group's fundraising activity is unit elastic. thus, the group's total revenue from selling t-shirts reaches its maximum at a price of $20 each.
What is revenue in a business?
- Revenue is the overall profit an organization makes from its primary activities, such as the sale of goods or services, the rental of real estate, recurring payments, the interest on loans, etc.
- Before deducting any costs, such as discounts and returns, revenue calculations are performed.
What is the difference between revenue and profit?
- Sales are simply referred to as "revenue," which does not include any costs or expenses related to running the business.
- Profit is the amount of income that is left over after all expenses, liabilities, additional sources of income, and operating costs have been taken into account.
Is revenue a income?
- The total income derived from the sale of products or services pertaining to a business's core operations is referred to as revenue.
- Because it appears at the top of the income statement, revenue, which is also known as gross sales, is frequently referred to as the "top line."
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