WorksheetsTR, TC, and Profit
Total questions: 8
Worksheet time: 4mins
What is the formula for Total Revenue (TR)?
TR = Price - Quantity
TR = Price + Quantity
TR = Price / Quantity
TR = Price x Quantity
Define Total Cost (TC) in the context of Economics Activities
Total Cost (TC) only includes variable costs in the production of goods or services
Total Cost (TC) is the sum of all revenue generated by the business
Total Cost (TC) is the same as Total Revenue (TR) in business
Total Cost (TC) is the sum of all fixed and variable costs incurred in the production of goods or services.
How is Profit calculated in business?
Profit = Total Revenue + Total Cost
Profit = Total Revenue * Total Cost
Profit = Total Revenue - Total Cost
Profit = Total Revenue / Total Cost
If a company's TR is $5000 and its TC is $3000, what is its Profit?
$2000
$8000
$1000
$4000
What is the relationship between TC and Profit?
As TC increases, profit stays the same
There is no relationship between TC and profit
As TC decreases, profit decreases
As TC increases, profit increases
As TC increases, profit decreases, and as TC decreases, profit increases.
If a company's TR is increasing at a faster rate than its TC, what can be said about its Profit?
The company's profit is increasing.
The company's profit is not affected.
The company's profit is staying the same.
The company's profit is decreasing.
What are some common methods to increase Profit in a business?
Decreasing customer satisfaction
Raising prices without adding value
Ignoring market trends
Reducing costs, increasing sales, improving efficiency, and diversifying products or services
Discuss the impact of competition on TR, TC, and Profit in a market.
Competition leads to a decrease in TR, a decrease in TC, and an increase in Profit in a market.
Competition leads to an increase in TR, a decrease in TC, and an increase in Profit in a market.
Competition generally leads to no change in TR, TC, and Profit in a market.
Competition generally leads to a decrease in TR, an increase in TC, and a decrease in Profit in a market.
