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Calculating Profits

Total Revenue...

Question

Total Revenue - Total cost = ___

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Solution

Total Revenue - Total cost = Profit

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Q. Distinguish between 'Total Cost and Total Revenue'.

Q. According to "total revenue & total cost" approach, a monopoly firm attains equilibrium when the difference between its total revenue and total cost is the _____________.

Q. Find the correct matching of the items of List-I with the items of List-II given below:

List-I	List-II
(a) Normal Profit	I. Excess of total revenue over total explicit cost
(b) Economic profit	II. Total revenue equals total economic cost
(c) Accounting profit	III. Excess of total revenue over total of explicit and implicit costs and a normal rate of return

Gross profits is the difference between total revenue and total cost.

Q. From the following total cost revenue schedule of a film, find out the level of output, using marginal cost and marginal revenue approach, at which the firm would be in equilibrium. Given reasons for your answer.

Output (units)	Total Revenue (Rs.)	Total Cost (Rs.)
1	10	8
2	18	15
3	24	21
4	28	25
5	30	33

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Calculating Profits

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