Unit 1 - What is a business? Flashcards
1
Q
Variable costs
A
Variable costs = output x variable cost per unit
2
Q
Total costs
A
Total costs = total variable costs + fixed costs
3
Q
Revenue
A
Revenue = quantity sold x average selling price
4
Q
Unit costs
A
Unit costs = total costs / number of unit costs
5
Q
Profit
A
Profit = total revenue - total costs
6
Q
A
