Total Costs Flashcards
1
Q
What is the calculation for total costs?
A
Total costs = fixed costs + variable costs
2
Q
What are total costs?
A
Total costs are the costs in total to produce a product. They are the total sum of the fixed and variable costs.
3
Q
Lisa’s hair salon has the following monthly costs, £120 loan repayment, £300 rent, £400 business rates, £500 salary. What are the total costs?
A
Total costs = £120 + £300 + £400 + £500 = £1320
