Revenue, costs and profit (the calculations)

• What is the formula for calculating revenue?

  Revenue = quantity sold x selling price
• How do you calculate total costs?

  Total costs = fixed + variable
• What does profit represent in a business context?

  Profit = revenue - cost
• How is unit cost calculated?

  Unit cost = total cost ÷ units of output
• How do you calculate the percentage change?

  % change = (new - old) ÷ old x 100