Answer to Question #298189 in Microeconomics for Nicky

Question #298189

What is the relationship between a firm total revenue, profit, and total cost

Expert's answer

A firm focuses on maximizing profits, and profit is the difference between total costs and total revenue.

total cost - Firm total revenue = profit

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. Suppose you have GH¢ 5.00. If you use the money to pay electricity bill, you will gain or benefit,
2. suppose you have $5.00 if you use the money to pay electricity bill you will gain or benefits moneta
3. If the total cost is positive at zero level of output, what does it signify?
4. Evaluate the importance of studying Economics
5. Clothing stores frequently run "sales" where they discount clothing prices by as much as 2
6. Assuming there are two goods X and Y and two persons, analyze the exchange of goods between the two
7. a) The utility function for a consumer utility is U=30Q11/2Q21/2 . If the price per unit of Q1 is Ks