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6 Terms
1
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total costs
total costs = total fixed costs + total variable costs
2
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total fixed costs
total fixed costs = total costs - total variable costs
3
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total variable costs
total variable costs = total costs - total fixed costs
4
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revenue
revenue = selling price per unit × quantity sold
5
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profit/loss
profit/loss = revenue – total costs
6
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average unit costs
average unit costs = total costs/output