difference between total cost and total revenue

Dear Student,
 
Basis Total Cost Total Revenue
Meaning Total cost is the expenditure incurred by firm on fixed factors as well as variable factors to carry out the production of goods and services  Total Revenue refers to the total sales proceeds of the producer by selling corresponding levels of output.
Formula TC = TFC + TVC,
Where, TFC = Total Fixed Cost
and,     TVC = Total Variable Cost 
TR = Price × Quantity of output sold

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