A specialty biotechnology laboratory produces custom agar culture plates. The average selling price of a culture plate is £24. The average variable cost of producing a culture plate is 35% of its selling price, and the laboratory's daily fixed costs are £850.
Calculate the total costs incurred by the laboratory per day, assuming it produces 350 culture plates per day.
19 exam-style questions on Edexcel A A Level Economics 3.3.2 Costs. Each one has a worked solution and a mark scheme showing where the marks go.