3.2.1 Total revenue. Total Cost, and Profit Total revenue the amount a firm receives for the sale of its output Total cost the market value of the inputs a firm uses in roduction Profit Profit Total revenue -Total cost3.2.1 Total Revenue, Total Cost, and Profit • Total Revenue – the amount a firm receives for the sale of its output. • Total Cost – the market value of the inputs a firm uses in production. • Profit – Profit = Total revenue - Total cost