Question 1111.1. Revenue is the same as profit. Do you agree with this statement? Justify your answer.11.2. Using your knowledge of cost formulas and calculations for a firm producing in theshort-run, redraw the table below in your answer book and complete the table by fillingin the blank spaces. [Tip: Answers should be rounded off by two decimals]. (5)TotalAverageVariableCostAverageTotalCost(ATC)TotalTotalCostAverageFixedFixedCostMarginalCost(MC)VariableQuantityCostCost(TFC)(TVC)(TC)(AFC)(AVC)80801801280122802840145433411426.67386.48039119209.7529.758042122168.424.48012813.33821.337805613611.43888061141107.6317.63980681487.5616.44108015787.715.79.11.3.Suppose a firm producing coffee provides you with the following information:Price = R100Quantity = 150 units of coffeeCost of production = R950011.3.1.Calculate the total revenue of the firm.11.3.2.Is the firm currently making a profit or loss? Explain.

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Revenue is the same as profit. Do you agree with this statement? Justify your answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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