Total Cost and Total Revenue.
|Total Cost||Total Revenue|
|1||It refers to total cost incurred for production of a commodity.||1||It refers to the total amount of money received from sale.|
Total cost = Fixed cost + Variable cost.
|2||Total Revenue = Price x Quantity.|
|3||It increases with increase in output||3||It increases with increase in sale.|
|4||It shows total cost of producing a commodity.||4||It refers to the sale proceed received at a particular period of time.|
Is there an error in this question or solution?
Video Tutorials For All Subjects
- Concept of National Income
Solution for question: Distinguish Between Total Cost and Total Revenue. concept: Concept of National Income. For the courses HSC Science (Computer Science), HSC Commerce, HSC Science (Electronics), HSC Commerce (Marketing and Salesmanship), HSC Science (General) , HSC Arts