ECONOMICS

Detailed explanation-1: -3) The profit a business makes is equal to the revenue it takes in minus what it spends as costs. To obtain the profit function, subtract costs from revenue.

Detailed explanation-2: -Finding profit is simple using this formula: Total Revenue-Total Expenses = Profit.

Detailed explanation-3: -Net profit is the difference between a company’s revenue and its expenses. It is calculated by subtracting a company’s total costs from its total revenue. This figure represents a company’s profit after all its costs have been paid.

Detailed explanation-4: -Many businesses measure their success based on how much of a profit or loss they have made. Profit is any revenue left over after all the business’ costs have been paid. Where a business’ costs are higher than the revenue they have made, the profit is a negative number, which is classed as a loss.