The Dynamics of Markets: Effects of Cost and Revenue (Grade 11 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does revenue represent for a business?
What does revenue represent for a business?
Money earned from selling products
What is the formula for calculating total revenue?
What is the formula for calculating total revenue?
A bakery sells 100 loaves at R15 each. What is the total revenue?
A bakery sells 100 loaves at R15 each. What is the total revenue?
R1,500
What does marginal revenue measure?
What does marginal revenue measure?
Extra income from selling one more unit
What is the formula for marginal revenue?
What is the formula for marginal revenue?
Selling 10 units gives R1,000; 11 units gives R1,090. What is the marginal revenue?
Selling 10 units gives R1,000; 11 units gives R1,090. What is the marginal revenue?
R90
What are the two primary factors that directly impact a firm's revenue?
What are the two primary factors that directly impact a firm's revenue?
Price changes and quantity changes
What is the formula for calculating total profit?
What is the formula for calculating total profit?
When does a business make a profit?
When does a business make a profit?
When
What is the break-even point?
What is the break-even point?
When total revenue equals total costs