Total Cost and Total Revenue.
|It refers to total cost incurred for production of a commodity.
|It refers to the total amount of money received from sale.
Total cost = Fixed cost + Variable cost.
|Total Revenue = Price x Quantity.
|It increases with increase in output
|It increases with increase in sale.
|It shows total cost of producing a commodity.
|It refers to the sale proceed received at a particular period of time.
Concept: Concept of National Income
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