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Answer to Question #2409 in Microeconomics for Elena

Question #2409
How can I find Total Cost if I know Price, Quantity Demanded and Toal Revenue?

For example I have P=3 Q=1600 TR 4800 TC=5600(how did hey find TC)
Expert's answer
You can not find Total Costs knowing only Price, Quantity and Total Revenue.


Total cost = cost per unit x units produced
Total cost = cost per unit x units sold
Fixed costs + Variable costs

Total Revenue = Price*Quantity

Profit = Total Revenue - Total Costs => Total Costs = Total Revenue - Profit

from given example (P=3 Q=1600 TR 4800) to get TC = 5600 Profit has to be -800, so we have losses, but we have not any information about it in task conditions

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