Which of the following is a correct method for calculating profit and average profit?
Group of answer choices
a) Profit is total revenue plus total cost and average profit is total profit times the output produced.
b) Profit is marginal revenue minus marginal cost and average profit is total profit divided by the total cost.
c) Profit is total revenues minus total costs and average profit is total profit divided by the output produced.
d) Profit is total cost minus total revenue and average profit is total profit divided by the output produced.