The total cost for producing 1000 units of a commodity is $3.3 million, and the revenue...
The total cost for producing 1000 units of a commodity is $3.3 million, and the revenue generated by the sale of 1000 units is $5.1 million.
(a) What is the profit on 1000 units of the commodity?
P(1000) = $ million
(b) Assuming C(q)
represents total cost and R(q)
represents revenue for the production and sale of q units
of a commodity, write an expression for profit
Homework Answers
As it has been given that the total cost for producing 1000 units of a commodity is $3.3 million, and the revenue generated by the sale of 1000 units is $5.1 million.
(a) What is the profit on 1000 units of the commodity?
P(1000) =TR-TC
=$5.1 million - $3.3 million
=$1.8 million
(b) Assuming C(q)
represents total cost and R(q)
represents revenue for the production and sale of q units
of a commodity, write an expression for profit
Profit= R(q)-C(q)
=R(1000)-C(1000)
=$5.1 million - $3.3 million
=$1.8 million
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