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ScotlandEconomicsQuick questions
Economics of the Market
Quick questions on Costs, revenue and profit - SQA National 5 Economics
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
A firm sells 500 units at £8 each. Calculate total revenue. [2 marks]
What is q2?Show answer
State whether each is fixed or variable: rent, raw materials, insurance, packaging. [2 marks]
What is q3?Show answer
Total revenue is £30,000 and total cost is £34,000. Calculate the profit or loss. [2 marks]
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