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
- Definition
- Revenue
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