(1) It refers to total cost incurred for production of a commodity.
(1) It refers to the total amount of money received from sale.
(2) 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.