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3 Tutorials that teach Output Optimization: Total Revenue / Total Cost
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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

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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