Worksheet - costs & revenues

Worksheet - Unit 3.2 Costs and revenues

The table below shows some changes in costs and revenue as output changes.

  1. Complete the table below by filling in the gaps.                                                                                                         (4 marks)

Output level

Costs & Revenues ($)

Sales revenue

Fixed costs

Variable costs

Total costs

Profit

0

0

1

2

500

3

900

4

5

1,500

6

1,200

  1. Identify the total fixed costs.                                                                                  (1 mark)
  1. Calculate the selling price of the product.                                                              (2 marks)
  1. Calculate the average variable cost.                                                                      (2 marks)

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