Unit 3.3 and 3.4 profit revenue and costs, final accounts
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Last updated 7:58 PM on 4/6/26
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4 Terms
1
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profit equation
total revenue - total costs
2
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fixed costs
do not vary with output in the short run
3
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variable costs
do vary directly with output
4
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semi variable costs
combine elements of variable and non variable costs (e.g bonuses on top of a salary)
