Homework Answers
Ans:
|
Units of output |
Total revenue(£) | Fixed costs (£) | Total variable costs (£) | Total costs (£) | Profit (£) |
| 0 | 0 | 40 | 0 | 40 | -40 |
| 1 | 25 | 40 | 12 | 52 | -27 |
| 2 | 50 | 40 | 24 | 64 | -14 |
| 3 | 75 | 40 | 36 | 76 | -1 |
| 4 | 100 | 40 | 48 | 88 | 12 |
| 5 | 125 | 40 | 60 | 100 | 25 |
| 6 | 150 | 40 | 72 | 112 | 38 |
Explanation:
Total revenue = Average revenue * Quantity
Or
TR = Price * Quantity
Average revenue = Total revenue / Quantity
Fixed costs are available even at zero level of output and remains constant in the subsequent level of production.
Total variable cost = Average variable cost * Quantity
Average variable cost = Total variable cost / Quantity
Total cost = Fixed costs + Total variable costs
Profit = Total revenue - Total costs
Add Answer to:
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