The Philippines' biggest import partners are the United States (10.8%), Japan (10.8%), China (10.1%), and South Korea (7.3%).
|Section 2: Revenue, Costs, and Profit|
|Microeconomics - Unit 6|
Total costs equal the firm's total variable costs (labor, supplies, raw materials, etc.) plus the firm's total fixed costs (machinery, office space, etc.). For example, if your firm's total variable costs equal $100, and your total fixed costs equal $60, then your total costs equal $100 + $60 = $160.
Total profit is total revenue minus total costs. In the above example, your firm's profits equal $200 - $160 = $40.
We will use the following abbreviations:
We will use the following equations to calculate TR and TP:
|Last Updated on Sunday, 30 December 2012 10:07|