Good Cookin' produces and sells kitchen tools.Last year, it produced 10,000 Espresso Machinesand sold each one for $450. In the production ofthe Espresso Machines the company incurredvariable costs of $240,000 and a total cost of$350,000.Identify the following:a. Total Revenueb. Total Profit (or Loss)c. The firms Fixed Costs

Total revenue is the full amount of total sales of goods and services. It is calculated by…

Answered: $350,000. Identify the following: a.…

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Economics

$350,000. Identify the following: a. Total Revenue b. Total Profit (or Loss) c. The firms Fixed Costs

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Good Cookin' produces and sells kitchen tools.
Last year, it produced 10,000 Espresso Machines
and sold each one for $450. In the production of
the Espresso Machines the company incurred
variable costs of $240,000 and a total cost of
$350,000.
Identify the following:
a. Total Revenue
b. Total Profit (or Loss)
c. The firms Fixed Costs

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