Revenue,costs and profit
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7 Terms
1
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How do you calculate revenue?
↳ Revenue= sales x price
2
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What are the difference between fixed and variable costs?
↳ Fixed costs- costs don’t vary with output (eg-rent)
↳ Variable costs- costs that will change with output (eg-raw materials)
3
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How do you work out total costs?
↳ Fixed costs + variable costs
4
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What is average unit cost?
↳ How much each product costs to make
5
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How do you work out average unit cost?
↳ Average unit cost= total cost ÷ output
6
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What is profit/loss?
↳ The difference between revenue and costs
7
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How do you work out profit?
↳ Profit= revenue - costs
Note 
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