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
The curve labelled x is the ...
\(\begin{array}{c|c} \text{Output(kg)} & 240 & 450 & 580 & 630 \\ \hline \text{MR...
When workers have a union, the supply of labour is said to be ...
Which of the following items in the balance of payment of account is an invisible transaction? ...
If a state owned firm is sold through the stock market, the organisation becomes? ...
One relationship between marginal utility and total utility. When total is ...
Terms of trade simply means the price ...
The recent revolution of Cassava from ordinary food crop to export crop will lead to ...