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WAEC Economics 1999 Question 14

Question 14

Theory of Costs and Revenue

Profit can be calculated by

  1. A.subtracting total cost from total revenue
  2. B.subtracting average revenue from total cost
  3. C.dividing total revenue by total output
  4. D.dividing marginal revenue by marginal cost
Show the answer and explanation

Answer: A (subtracting total cost from total revenue)

Explanation

Profit = total revenue − total cost.