Revenue is the total amount producers receive after selling a good.
Profit is the total amount producers earn after subtracting the production costs.
Revenue is the total amount of income generated by a producer after the sale of goods and services. Revenue refers to the total amount of money a company generates before removing any expenses. Revenue is most simply calculated as the number of units sold multiplied by the selling price.
Profit is the total amount the producers earn after subtracting the production costs. A profit is referred to the positive financial gain remaining after all costs, taxes, and expenses have been deducted from total sales. A profit is the excess over the returns to capital, land, and labor.
Production costs means the costs which a company incurs from manufacturing a product or providing a service that generates revenue for the company. Production costs can include a variety of expenses, such as labor, raw materials, general overhead, and manufacturing supplies.
Hence, the answer is given and explained above.
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