Differentiate between the terms revenue and profit. Assume that a firm sells 20 units of a good at a price of $4 per unit. If the average total cost of the firm is $2.50 per unit, calculate the firm’s profit.
Thank you for your attention and answer to my question. I have a follow up question that is actually the second stage to my initial question that you answered. The first question was the first stage of the total question that I want answered. I will submit it and gladly pay the fee for answering, as this has been a question over which I’ve wondered for a long time. Again, thank you very much for your help. John Dawson