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
Expert's answer
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
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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So far, I am satisfied. Unfortunately, I failed a quiz, but appreciate the fact that some of my money was refunded. I'm glad that I made an A on my Assignment #8. Wish I could keep the same tutor for the remainder of this course.
#218302 on Nov 2018
#218302 on Nov 2018 
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