Answer to Question #24391 in Microeconomics for adam

Question #24391
How to calculate profit knowing that a firm is producing 800 units of output at $1.50 and a market price of $2.60 with 1100 output
1
Expert's answer
2013-02-18T09:49:33-0500
We need to evaluate Revenue of the firm
Revenue is equal to Price*Quantity= 800*$2.6=$ 2 080
Total costs are equal to Cost*Quantity = $1.50*800=$ 1 200
Profit is equal to Revenue- Total Cost = $2 080-$1 200=$880

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