explain in 130 word how how profit is calculated, provide and example using the below formula, must provide a reference: 

Profit = Total revenue − Total cost.

total revenue the amount a firm receives for the sale of its output

total cost the market value of the inputs a firm uses in production

profit total revenue minus total cost

explain in 130 word how how profit is calculated, provide and example using the below formula, must provide a reference: 

Profit = Total revenue − Total cost.

total revenue the amount a firm receives for the sale of its output

total cost the market value of the inputs a firm uses in production

profit total revenue minus total cost