2.2.2 Sales Revenue And Cost Flashcards
1
Q
What is a semi variable cost?
A
Cost element of fixed and variable
Eg. Salary 
2
Q
What is average cost or unit cost
A
The cost of producing one unit -
Total cost/output
3
Q
What is a fixed cost
A
Cause that do not change with the output and input in the short run 🏃♀️ 
4
Q
What is the long run?
A
We’re all factors of production are variable
5
Q
What is the profit?
A
Difference between total cost and total revenue
6
Q
What is sales volume
A
Quantity of output sold in a particular time
7
Q
What is total revenue
A
The amount of money the business receives from selling output
8
Q
What is Short run ?
A
Time period where at least one factor of production is fixed 
9
Q
What is variable cost
A
The cost that rises when out put rises
10
Q
How else may we find profit?
A
Total contribution - fixedcost
