6. How do you work out revenue?
- revenue = price x quantity sold
- revenue = total cost x quantity sold
- revenue = quantity sold - price
7. Work out the total cost using this information: variable cost: £1500, revenue: £6000, price: £18, fixed cost £2800
- £(4500)
- £4300
- £333
8. How do you work out profit?
- profit = fixed cost /revenue
- profit= revenue - total cost
- profit = total cost x revenue
