ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the formula for total costs?
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Total costs minus total variable costs
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Total fixed costs plus total variable costs
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Total costs plus total variable costs
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Total fixed costs minus total variable costs
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Explanation:
Detailed explanation-1: -Adding together the fixed and variable costs per product gives you the total cost of the product. For instance, if the variable cost per basketball is $5.20 and the fixed cost is 80 cents, your total cost is $6.00 per ball. This means you must charge your customers more than that to make a profit.
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