+
3 Tutorials that teach Output Optimization: Total Revenue / Total Cost
Take your pick:
Output Optimization: Total Revenue / Total Cost

Output Optimization: Total Revenue / Total Cost

Author: Catherine Barry
Description:

This lesson will explain Output Optimization: Total Revenue / Total Cost

(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

28 Sophia partners guarantee credit transfer.

264 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 25 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial
Terms to Know
Profit

Total revenue minus total cost.

Slope

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

Total Cost

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

Total Revenue

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

Formulas to Know
Accounting Profit

P r o f i t space equals space T R space minus space T C

Total Cost (2)

T C space equals space F C space left parenthesis f i x e d space cos t s right parenthesis space plus thin space V C space left parenthesis v a r i a b l e space cos t s right parenthesis

Total Revenue

T R space equals space P space X space Q