Theme 3
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5 Terms
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Profit
Total revenue - Total cost
2
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Normal profit
Total revenue = Total cost
3
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Supernormal profit
Total revenue > Total cost
4
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Fixed cost
One that does not vary with output (e.g. rent)
5
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Variable cost
One that does vary with output (e.g. Labour/ Ingredients)
Note 
Flashcards (51)