Tag: total
-
Total and average revenue
Total and average revenue Total revenue – The sum of units sold and selling price Average revenue Total revenue divided by output or number of units sold
-
Costs for factors of production
Costs Total costs – Total expense of producing an output or a product Average cost – Total cost divided by output Costs Fixed cost – The costs which stays same irrespective of the fact that the business produces or not Variable cost – A cost which changes as the production of the business changes