Basic Calculations

profit, revenue, fixed costs variable costs 

  • Created by: megan
  • Created on: 15-05-14 18:18
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  • Basic calculations
    • Revenue
      • P x Q
    • Profit
      • TR - TC
      • Definition
        • The monetary reward to the business after all costs have been paid
    • Fixed costs
      • add up them all
      • Definition
        • Costs that do not change with output in the shot term e.g. salary and rent
    • Variable costs
      • Definition
        • Costs that do change with output in the short term e.g. wages and materials
      • AVC
        • VC / Q


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