Which of the following can be added to a firm's ...
Which of the following can be added to a firm's profit to obtain total revenue?
Total variable cost
Total fixed cost
Marginal cost
Total revenue
Correct answer is D
Total Revenue (TR) is calculated by multiplying the quantity of goods sold (Q) by the price of the goods (P).
For example, if you sold 120 pens for N2 each: To find your Profit: You will have to subtract the Total Cost (TC) from your Total Revenue(TR).
Recall that we defined a firm's short-run total costs as
Total Cost = TFC + TVC.
Now we can define economic profit as:
Profit = Total Revenue - Total Cost
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