Friday, January 22, 2016

COST OF PRODUCTION
  • Total Revenue -the total amount of money of  a firm receives from selling goods and services 

  • FIXED COST- a cost that does not change no matter how much of a good is produce

  • VARIABLE COST- a cost that raises or falls depending upon how much is produce 

  • MARGINAL COST-  cost of producing one more unit of a good 

                                          Image result for cost of production formulas
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1 comment:

  1. Marie G.January 24, 2016 at 5:31 PM

    your notes are well organize and i understand the definition of what the words mean, but is there any examples you can give me in order for me to get a better understanding of what they mean?

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