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Output Optimization: Total Revenue / Total Cost

Output Optimization: Total Revenue / Total Cost

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Author: Catherine Barry
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This lesson will explain Output Optimization: Total Revenue / Total Cost
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Tutorial

Notes on "Output Optimization: Total Revenue/ Total Cost"

Terms to Know

Profit

Total revenue minus total cost

Total Revenue

All sales generated by a firm from the sale of a product or service.

Total Cost

All variable and fixed costs associated with production which  includes opportunity cost.

Slope

Rise over run; change in the value of the y-axis variable relative to a  change in the x-axis variable