Marginal Revenue

Total Revenue: Total revenue represents the overall income generated from selling a certain quantity of goods or services at a given price level. It is calculated by multiplying the price per unit by the quantity sold.

Average Revenue: Average revenue is obtained by dividing total revenue by the number of units sold. It gives an indication of how much each unit contributes on average to total sales.

Marginal Cost: Marginal cost refers to the additional cost incurred when producing one more unit of output. Comparing marginal cost with marginal revenue helps determine whether it's profitable to produce additional units or not.