WAEC Economics 2014 Paper

Concept:Profit is the surplus left after a producer covers all production expenses from the revenue earned.Explanation:A producer earns revenue by selling output.Total revenue is the money received from sales: $\text{Total Revenue} = \text{Price} \times \text{Quantity Sold}$.Total cost includes all money spent on production.Profit is the remaining amount after subtracting total cost from total revenue.So, $\text{Profit} = \text{Total Revenue} - \text{Total Cost}$.Answer:B. total revenue and total cost