state the importance of total revenue and total cost
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TOTAL REVENUE
The total revenue figure is important because a business must bring in money to turn a profit. If a company has less revenue, all else being equal, it's going to make less money. For start-up companies that have yet to turn a profit, revenue can sometimes serve as a gauge of potential profitability in the future.
TOTAL COST
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners to determine the direct and indirect costs of a product or system. ... TCO is factored into cost benefit analysis. Total Cost of Ownership (TCO) is the single most important principle in all of supply chain management.
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