A Firm's Total revenue and Total Cost ◆ Total revenue e The amount that the firm receives for the sale of its output ◆ Total cost o The amount that the firm pays to buy Inputs H arc Inc items and derived items copyright o 2001 by Harcourt, IncHarcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. A Firm’s Total Revenue and Total Cost uTotal Revenue u The amount that the firm receives for the sale of its output. uTotal Cost u The amount that the firm pays to buy inputs