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For years,the slogan used in all the advertising done by British Airways was "Putting people first." In this short phase,British Airways has captured the idea of:
Fixed Cost
Costs that do not vary with the level of production or sales, such as rent, salaries, or insurance premiums.
Fixed Cost
Costs that do not change with the volume of production, such as rent, salaries, and equipment leases.
Total Cost
The complete cost of production that includes both fixed and variable costs incurred in making a product or providing a service.
Average Variable Cost
The sum of costs that vary with the level of production, distributed over the total number of units produced.
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