Economics:
Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
Question
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Chapter 23, Problem 1E
To determine

To calculate profit at each level of output.

Expert Solution & Answer
Check Mark

Explanation of Solution

Profit is calculated as total revenue minus total cost

i.e. Profit=TR-TC

    Total outputPriceTotal cost (TC)Total revenue (TR)Profit=TR-TC
    0$1900$10000$-1000
    1$1700$2000$1700$-300
    2$1650$2800$3300$500
    3$1600$3500$4800$1300
    4$1550$4000$6200$2200
    5$1500$4500$7500$3000
    6$1450$5200$8700$3500
    7$1400$6000$9800$3800
    8$1350$7000$10800$3800
    9$1300$9000$11700$2700
Economics Concept Introduction

Concept Introduction:

Total revenue:

Total receipts a seller can get by selling the goods.

Total cost:

Total expenses incurred for producing the goods.

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