Total Cost
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Total Revenue
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(1) It refers to total cost incurred for production of a commodity.
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(1) It refers to the total amount of money received from sale.
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(2) Total cost = Fixed cost + Variable cost.
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(2) Total Revenue = Price x Quantity.
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(3) It increases with increase in output.
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(3) It increases with increase in sale.
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(4) It shows total cost of producing a commodity.
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(4) It refers to the sale proceed received at a particular period of time.
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Sunday, February 5, 2017
Total Cost and Total Revenue.
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