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Short Answer - Your Repair Shop

Short Answer - Your Repair Shop

Q 1. What is the formula for calculating Total Revenue? (1 pt)2. What is the difference between a Cost and an Investment? (1 pt)3. Compare/contrast an Explicit Cost vs an Implicit Cost. (1 pts) 4. What is the formula for calculating Accounting Profit? (1 pt)5. What is the formula for calculating Economic Profit? (1 pt)

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The formula for calculating Total Revenue is Total Revenue = Price*Quantity. In our case, it will be Total Revenue = number of services hours * charge per hour.A cost refers to an expenditure, time or resources which may or may not be in terms of money. Cost is born by the entrepreneur to produce goods or services. On the other hand, investment refers to an expenditure which has a strong possibility of return.