3.7 Costs Revenue and Profit

0.0(0)
studied byStudied by 3 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/7

flashcard set

Earn XP

Description and Tags

Total cost, variable cost etc

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

8 Terms

1
New cards

Fixed cost

Costs that do not vary with output

2
New cards

Variable cost

Costs that vary with output

3
New cards

Total Cost formula

Variable Costs(VC)+Fixed Costs(FC)

4
New cards

Total revenue formula

Price x Quantity

5
New cards

Profit formula

Total revenue - Total costs

6
New cards

Output

the amount of something produced by a person, machine, or industry.

7
New cards

Examples of fixed costs

salaries, rent, insurance

8
New cards

Examples of variable costs

raw materials