Examlex
Describe what operating ratios are.Identify the five operating ratios covered in your text,explaining how each of the five helps the small business owner manage his/her business.
Average Variable Cost
The total variable costs divided by the quantity of output produced, representing the variable cost per unit.
Average Total Cost
The total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.
Total Revenue
The total income a firm receives from selling its products; calculated as the quantity sold multiplied by the price per unit.
Total Cost
The sum of fixed and variable costs incurred by a business in the production of goods or services.
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