What do you mean by total revenue and total cost?
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Total revenue is the total income of a seller for the production of goods and services.
Total cost is the total expense that is paid by the producer.
What is the difference between total cost and total revenue?
- Total cost is the cost used for the production whereas total revenue is the total amount received after selling any product
- Total cost identify the cost of producing any product whereas total revenue shows that total sales received at a specific time
- Total cost increases when the output increased whereas total revenue increases when the sale of products increased
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