During a particular month, a local microbrewery incurs the following expenses: a monthly lease payment on its brewing equipment of £1,400\text{£}1,400£1,400, raw ingredients (malt and hops) costing £2,100\text{£}2,100£2,100, monthly rent for its commercial premises of £2,800\text{£}2,800£2,800, bottle packaging and labelling costing £1,150\text{£}1,150£1,150, and a monthly fire insurance premium of £350\text{£}350£350. If the microbrewery has no other outlays, what are its total fixed costs for this month?
£3,250\text{£}3,250£3,250
£4,200\text{£}4,200£4,200
£4,550\text{£}4,550£4,550
£7,800\text{£}7,800£7,800
156 exam-style questions on AQA A Level Economics 1.4 Production, costs and revenue, covering 1.4.1 Production and productivity, 1.4.2 Specialisation, division of labour and exchange, 1.4.3 The law of diminishing returns and returns to scale (A-level only), 1.4.4 Costs of production, 1.4.5 Economies and diseconomies of scale, 1.4.6 Marginal, average and total revenue, 1.4.7 Profit, and 1.4.8 Technological change (A-level only). Each one has a worked solution and a mark scheme showing where the marks go.