3.1.5

 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…