costs, revenue, profits 0.0 / 5 ? Economicscosts, revenue, profitsIGCSEEdexcel Created by: tsalomrobertsCreated on: 20-04-21 17:02 What is total revenue Amount of money a firm receives from selling its output 1 of 11 How to calculate total revenue Price x Quantity 2 of 11 What is total fixed costs Costs that do not vary with the level of output 3 of 11 What are variable costs Costs that change when output levels change 4 of 11 How to calculated total variable costs Variable cost x Quantity 5 of 11 What are the total costs Fixed costs and variables costs added together 6 of 11 How to calculate total costs Total fixed costs + Total variable costs 7 of 11 What is average total costs The cost of producing a single unit of output 8 of 11 How to calculate averages total costs Total cost/quantity produced 9 of 11 What is profit The difference between total revenue and total costs 10 of 11 How to calculate Total revenue - total costs 11 of 11
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