the costs of doing business for a company can be found by adding fixed costs, such as rent, insurance, and wages, and variable costs, which are the costs to purchase the product you are selling. The portion of the company's fixed costs allotted to this product is $600, and the supplier's cost for a set of tile is $11 each. Let x represent the number of tile sets.
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To calculate the costs of doing business for a company, we need to consider both fixed costs and variable costs.
Fixed costs are costs that do not change with the quantity of product produced or sold. Examples of fixed costs are rent, insurance, and salaries. In this case, the fixed cost allotted to the product is $600.
Variable costs, on the other hand, vary with the quantity of product produced or sold. In this case, it is the cost of purchasing the product you are selling. The supplier's cost for a set of tile is $11 each.
Let's assume x represents the number of tile sets. To calculate the total costs of doing business, we need to consider both the fixed cost and the variable cost.
Total Costs = Fixed Costs + Variable Costs
Fixed Costs = $600
Variable Costs = Supplier's cost per set * Number of tile sets
Variable Costs = $11 * x
Therefore, the total costs of doing business for the company would be:
Total Costs = $600 + ($11 * x)