If total revenue is 100 and total cost is 70, what is profit?

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Prepare for the OnRamps Economics College Exam with detailed multiple-choice questions and explanations. Strengthen your understanding and boost your performance!

Multiple Choice

If total revenue is 100 and total cost is 70, what is profit?

Explanation:
Profit equals total revenue minus total cost. Here, total revenue is 100 and total cost is 70, so profit = 100 − 70 = 30. So the amount left after covering costs is 30. If you subtracted the other way around, you’d get -30 (a loss), or if revenue and cost were equal you’d get 0, or just using revenue alone wouldn’t reflect profit.

Profit equals total revenue minus total cost. Here, total revenue is 100 and total cost is 70, so profit = 100 − 70 = 30. So the amount left after covering costs is 30. If you subtracted the other way around, you’d get -30 (a loss), or if revenue and cost were equal you’d get 0, or just using revenue alone wouldn’t reflect profit.

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