- Created by: lee42
- Created on: 09-03-19 18:33
The Measuremnt of profits
- Profit- the difference between total revenue and total cost"
- formula for profit: Profit(p) = total revenue (TR) - total costs (TC)
revenue- income recieved from sales. Also, know as (turnover, sales turnover, sales revenue sales)
Total revneue (TR) = price per unit (P) x quantity sold (Q) (TR= P x…