Pages 11-20 Flashcards

0
Q

what are fixed costs, give an example

A

costs that do not vary eg rent or salaries

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1
Q

formula for total revenue

A

price x quantity

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2
Q

what are variable costs, give an example

A

costs that change directly with the number of products made

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3
Q

formula for total profit/loss

A

total revenue - total costs

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