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Distinguish Between Total Cost and Total Revenue. - Economics

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Total Cost and Total Revenue.

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Solution

  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.
2
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.
Concept: Concept of National Income
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