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1.4 Production, costs, revenue and profit

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Question 2

An organiser reviews the accounts after a weekend street-food festival. The summary records:

Account itemAmount
Day passes sold600
Total revenue£18,000
Variable cost per day pass sold£9
Profit£4,200

Using the accounts summary, what were the festival's fixed costs?

[1]
A

£12,600

B

£13,800

C

£8,400

D

£5,400

Markscheme

1.4 Production, costs, revenue and profit Questions

  1. GCSE
  2. /Economics
  3. /1.4 Production, costs, revenue and profit

138 exam-style questions on AQA GCSE Economics 1.4 Production, costs, revenue and profit, covering 1.4.1a Business objectives, 1.4.1b Types of costs and revenue, 1.4.1c Calculating profit, 1.4.1d Profit as an incentive to produce, 1.4.1e Moral and ethical considerations, 1.4.2a Production versus productivity, 1.4.2b Factors and benefits of productivity, 1.4.3a Economies of scale and business behaviour, 1.4.3b Types of economy of scale, and 1.4.3c Diseconomies of scale. Each one has a worked solution and a mark scheme showing where the marks go.

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