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Costs and revenue GapFill

Target Level
C
Running Total
0
0%
Attempt
1 of 3

You must fill all the gaps before clicking ‘Check Answers!’

Revenue is defined as the total   salesprofitcostquantity value. It is calculated by multiplying   costssalesprofitprice and quantity.  When price elasticity of demand (PED) is one, total   salesprofitpricerevenue will be at  constantzerounitaryminimum  Total costs Average costsMarginal costsFixed costs is the summation of all costs. The additional cost of producing an extra unit of a product is known as  marginal cost total cost zero costsvariable costs. The long-run   average cost fixed costsmarginal costtotal cost is an envelope of   zerolong-runshort-run marginal average costs. At a point where diminishing marginal returns set in, marginal cost will be  minimumfallingmaximumrising. The marginal cost must always cut the   total cost variable cost average fixed costaverage cost when the average cost is at minimum point.

This is your 1st attempt! You get 3 marks for each one you get right. Good luck!

Pass Mark
72%