Sales, revenue and costs

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6 Terms

1
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define sales revenue

the value of output sold in a particular time period

2
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sales revenue calculation

price × quantity of output

3
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define sales volume

the quantity of output sold in a particular time period

4
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define fixed costs

a cost that does not change as a result of a change in output in the short run (price of electricity with no girl in class)

5
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define average cost/unit cost and equation

the cost of producing one unit

<p>the cost of producing one unit</p>
6
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define variable cost

a cost that rises as output rises