Question: What is the difference between fixed costs and variable costs in a business? How do these costs affect profit maximization? What strategies can companies adopt

What is the difference between fixed costs and variable costs in a business? How do these costs affect profit maximization?

What strategies can companies adopt to reduce costs and increase revenue? How are these strategies related to profit maximization?

What is the importance of determining the breakeven point in terms of costs, revenues and profit? How can you calculate the break-even point in a business?

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