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.|
Concept: Concept of National Income
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