A Firm's profit ● Total revenue The amount that the firm receives for the sale of its output Total cost The amount that the firm pays to buy inputs Profit is a firm' s total revenue minus its total cost Profit= Total revenue- Total CostA Firm’s Profit • Total Revenue – The amount that the firm receives for the sale of its output. • Total Cost – The amount that the firm pays to buy inputs. • Profit is a firm’s total revenue minus its total cost. Profit = Total Revenue – Total Cost