The price charged by IRCTC for its services, such as ticket fares, catering charges, and tourism packages, represents the amount customers pay to avail those services. The total revenue of IRCTC for a given period is the sum of the prices charged for its services multiplied by the quantity of services sold. It represents the overall income generated by IRCTC from its operations during that period. The total costs incurred by IRCTC while providing its services include various expenses such as infrastructure maintenance, labour costs, administrative expenses, and other operational costs. These costs are necessary to produce and deliver the services to customers.The profit for a specific period is the difference between the total revenue and the total costs incurred by IRCTC during that period. It represents the financial gain or surplus earned by the company after covering all its expenses.

Explain the price,cost and profits in irctc with diagram.

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The relationship between price cost and profits in IRCTC can be represented using a simple diagram P... View the full answer