Distinguish Between Total cost and Total revenue - Economics

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Distinguish Between

Distinguish Between

Total cost and Total revenue

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Solution

Sr. No. Total Cost Total Revenue
1. Total cost is the total amount incurred by a firm on the factors of production. Total revenue is the total sales proceeds of a firm by selling a commodity at a given price.
2. It is total expenditure of the firm. It is the total income of the firm.
3. Total Cost (TC) = Total Fixed Cost (TFC) + Total Variable Cost (TVC) Total Revenue (TR) = Price x Quantity
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Chapter 4: Supply Analysis - Distinguish Between

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