INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Total Revenue-Total Costs
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Total Revenue-Wages
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Gross Profit/Sales
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Sales-Profit
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Detailed explanation-1: -Profit is calculated as total revenue less total expenses.
Detailed explanation-2: -The product of the price per unit times the number of units sold; R = P*Q. The sum of fixed cost and the product of the variable cost per unit times quantity of units produced, also called total cost; C = F + V*Q. The revenue function minus the cost function; in symbols = R-C = (P*Q)-(F + V*Q).
Detailed explanation-3: -A simple way to solve for revenue is by multiplying the number of sales and the sales price or average service price (Revenue = Sales x Average Price of Service or Sales Price).
Detailed explanation-4: -Total Revenue-Total cost = Profit.
Detailed explanation-5: -Total Cost Formula = Total Fixed Cost + Total Variable Cost. Total Variable Cost = Average Variable Cost Per Unit * Quantity of Units Produced. Total Cost = Total Fixed Cost + Average Variable Cost Per Unit * Quantity of Units Produced. More items