Table 14-4 The following table presents cost and revenue information for a firm operating in a competitive industry. Costs Revenues Total Cost (Dollars) (Dollars) 100 150 202 257 317 5 385 6 465 7 562 8 682 Refer to Table 14-4. What is the average revenue when 4 units are sold? O a. $197 Ob. $120 O c. $60 O d. $125 Quantity Supplied (Units) 0 1 2 3 4 Marginal Quantity Cost Demanded (Units) 0 1 2 3 4 5 6 7 8 Price (Dollars per unit) 120 120 120 120 120 120 120 120 120 Total Marginal Revenue Revenue (Dollars) (Dollars)

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.