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प्रश्न
Explain the concept of total cost and total revenue.
उत्तर
- Total Cost (TC):
Total cost is the total expenditure incurred by a firm on the factors of production required for the production of goods and services. Total cost is the sum of total fixed cost and total variable cost at various levels of output.
TC = TFC + TVC
TC = Total cost
TFC = Total Fixed Cost
TVC = Total Variable Cost
Total Fixed Cost (TFC):
Total fixed costs are those expenses of production which are incurred on fixed factors such as land, machinery, etc.
Total Variable Cost (TVC):
Total variable costs are those expenses of production which are incurred on variable factors such as labour, raw material, power, fuel, etc. - Total Revenue (TR):
Total revenue is the total sales proceeds of a firm by selling a commodity at a given price. It is the total income of a firm. Total revenue is calculated as follows:
Total revenue = Price × Quantity
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संबंधित प्रश्न
Give economic terms:
The cost incurred on fixed factor.
Give economic terms:
The cost incurred per unit of output.
Give economic term:
Net addition made to the total cost of production.
Give economic term:
Net addition made to the total cost by producing one more unit of output.
Find the odd word
Cost concepts -
Net addition made to total cost by producing one more unit of output is ______.
Distinguish Between
Total cost and Total revenue
The cost incurred by the firm to promote sales ______
Give an economic term:
The cost incurred on raw material.
Identify and explain the concept from the given illustration:
Hritik paid an additional cost of ₹75 for manufacturing an additional unit of glassware.
Define the term 'cost'.
What is meant by research and development costs?
