Uruguay's inflation rate reached $$\(8.4 \%\)$$ in July 2018. The central bank considered increasing the interest rate to reduce the inflation rate. An increase in interest rates might influence total demand in an economy and lead to an appreciation of its currency. This might influence Uruguay's exports, especially soybean exports. The total revenue of Uruguay's soybean firms might change if there is an appreciation of the Uruguayan peso. Define total revenue.
Exam No：0455_w21_qp_21 Year：2021 Question No：4(a)
Answer:
Total amount of money earned by firms (1) for selling their products
(1).
Price times quantity (2), P × Q (2)
Total costs plus profit (2).
(1).
Price times quantity (2), P × Q (2)
Total costs plus profit (2).
Knowledge points:
3.7.3 definition of revenue: Total revenue (TR) and average revenue (AR).
Solution:
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