Suppose that the firm Smith Co sells 10 gowns for $115.00 per gown. Each gown costs $74.00 to produce, and Smith Co could rent out their factory space for $330.00 per month. What is the Smith Co's Total Revenue? $ I 9.
Suppose that the firm Smith Co sells 10 gowns for $115.00 per gown. Each gown costs $74.00 to produce, and Smith Co could rent out their factory space for $330.00 per month. What is the Smith Co's Total Revenue? $ I 9.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Step 1
Given
The price of gowns is $115 per gown and Smith sells 10 gowns.
We have to calculate Smith's total revenue.
Total revenue is equal to the price multiply the quantity sold.
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