Paper 1 formulae - Profit Family Flashcards by Nathan Taylor | Brainscape

Q

What is the equation for total revenue?

A

Selling Price x Number Sold

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Q

What is total fixed cost?

A

All fixed costs added together

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Q

What is the equation for total variable cost?

A

Variable cost per unit x Number sold

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Q

What is the equation for the total cost?

A

Total Fixed Cost + Total Variable Cost

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Q

What is the equation for profit?

A

Total Revenue – Total Cost

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