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Question
Distinguish between 'Total Cost and Total Revenue'.
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Solution
Total revenue
is the total receipts a seller can obtain from selling goods or service to
buyers. It can be written as P × Q, which is the price of the goods multiplied
by the quantity of the sold goods.
Total cost is an economic measure
that sums all expenses paid by a producer to produce a product.
Total revenue is the total receipts a seller can obtain from selling goods or service to buyers. It can be written as P × Q, which is the price of the goods multiplied by the quantity of the sold goods.
Total cost is an economic measure that sums all expenses paid by a producer to produce a product.
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