Business AS Formula Flashcards
1
Q
Percentage
A
(Différence between 2 numbers ÷ original number) x 100
2
Q
Total revenue
A
Price x quantity
3
Q
PED
A
(%Δ quantity demanded) ÷ (%Δ in price)
4
Q
IED
A
(%Δ quantity demanded) ÷ (%Δ in income)
5
Q
Price
A
Unit cost + (mark up x unit cost)
6
Q
Sales revenue
A
Price x quantity of output
7
Q
Total variable cost
A
Variable cost per unit x output
8
Q
Total cost
A
Fixed cost + variable cost
9
Q
Average cost
A
Total cost ÷ output
10
Q
Profit
A
Total revenue - total costs
11
Q
Contribution per unit= unit contribution
A
Selling price - variable cost
12
Q
Total contribution
A
Total revenue - total variable cost
Or
Unit contribution x number of units sold
13
Q
Profit
A
Total contribution - fixed Costs
14
Q
Break even output
A
Fixed costs ÷ contribution
15
Q
Gross profit
A
Revenue - cost of sales
