Total costs - Fixed costs + Variable costs, Fixed costs - Do not change with output, Variable costs - Change with the level of output, Selling price - Profit + total costs, Break even - Point of no profit or loss, Profit - When revenue is more than costs, Semi-variable costs - Part fixed costs + part variable costs, Loss - When costs exceed revenue, Rent, salaries & insurance - Examples of Fixed costs, Wages, utilities & raw materials - Examples of Variable costs,

Breakeven & Costs Revision

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