Asked by Shakira Robertson on Jun 05, 2024
Verified
Calculate the firm's total profit.
Total Profit
The total income a business obtains after accounting for all expenses, taxes, and costs associated with its operations.
- Implement economic fundamentals to calculate the production, pricing, and profitability of companies in assorted market environments.
Verified Answer
MM
Michael MartinezJun 09, 2024
Final Answer :
Total Profit = Total Revenue - Total Cost [or (P - ATC)x Q = (38 - 32)x 3 = $18
= $38 * 3 - $96
= $114 - $96
= $18
= $38 * 3 - $96
= $114 - $96
= $18
Learning Objectives
- Implement economic fundamentals to calculate the production, pricing, and profitability of companies in assorted market environments.