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Question
Distinguish Between
Total cost and Total revenue
Solution
| Sr. No. | Total Cost | Total Revenue |
| 1. | Total cost is the total amount incurred by a firm on the factors of production. | Total revenue is the total sales proceeds of a firm by selling a commodity at a given price. |
| 2. | It is total expenditure of the firm. | It is the total income of the firm. |
| 3. | Total Cost (TC) = Total Fixed Cost (TFC) + Total Variable Cost (TVC) | Total Revenue (TR) = Price x Quantity |
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