Business Costs, Revenues And Profit
Gbogbo ọrọ náà
Behind every price tag sits a calculation: how much did this cost to make, how much money will selling it bring in, and is there anything left over once the bills are paid? Every business, from a market stall to a multinational, answers these same three questions using the same handful of formulae.
In this lesson you will calculate total and average cost, total revenue and profit, and see why these figures behave differently in the short run, when at least one factor of production is fixed, compared with the long run, when a business can change its entire scale of operation. You will then explore economies and diseconomies of scale, and see how the long run average cost curve shows a business exactly where it is most efficient to operate.
Ebumnobi
- Definition and use of formulae to calculate total revenue, total costs, total fixed costs, total variable costs, average (total) costs, profit
- Economies of scale: definition, types of internal economies of scale (purchasing, marketing, technical, financial, managerial, risk bearing), definition of external economies of scale, types of external economies of scale (skilled labour, infrastructure, access to suppliers, similar businesses in area)
- Diseconomies of scale: definition, types (bureaucracy, communication problems, lack of control, distance between top management and workers), the use of long run average cost (LRAC) curve diagram annotated to show internal economies of scale and diseconomies of scale and where the business will be most efficient
Akọmọ Ojú-ẹkọ
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ayẹwo Ẹkọ
Ekele diri gi maka imecha ihe karịrị na Business Costs, Revenues And Profit. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.
Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.
Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.
- Total cost is calculated as: A) Total fixed costs minus total variable costs B) Total fixed costs plus total variable costs C) Total revenue minus profit D) Average cost multiplied by price Answer: B
- A firm's total cost of producing 400 units is GBP 8,000. What is its average cost? A) GBP 8 B) GBP 20 C) GBP 32 D) GBP 3,200,000 Answer: B
- A firm sells 150 units at GBP 30 each and has total costs of GBP 3,800. What is its profit? A) GBP 500 B) GBP 700 C) GBP 4,500 D) GBP 8,300 Answer: B
- Which of the following is an example of an internal economy of scale? A) A shared pool of skilled local workers B) A large firm negotiating a bulk-buying discount from suppliers C) New roads built to serve a growing industrial area D) Specialist suppliers setting up nearby to serve an industry cluster Answer: B
- On a long run average cost (LRAC) curve, the minimum efficient scale is: A) The output level where fixed costs are highest B) The smallest output at which long run average cost reaches its lowest point C) The output level where profit is zero D) The largest possible output a firm could ever produce Answer: B
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Àwọn Ìwé Tó Dáa Láti Kà
Meecha Ajụjụ Ule Ọmarịcha
Ị chọrọ ime ajụjụ ule ọmarịcha gbasara Business Costs, Revenues And Profit? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
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