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What is the relationship of total costs to profit?

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The relationship of the total cost is the sum of the fixed cost and variable cost.
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Economists consider the relationship between total revenue profits and total costs when calculating the overall value of a business venture. Total cost calculations provide a method for entrepreneurs to expense the opportunity costs associated with long-term ventures. Total revenue profit calculations provide a broader understanding of how much value business owners are receiving in light of factors that are not visible or easily measured.
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