Microeconomics Review #1
Economic Profit for Class One = TR – TC = $24.75 - $14.50 = $10.25. m. Calculate the total revenue, total cost, and economic profit for Class Two. Assume fixed cost is divided evenly between the two classes. Answer: Total revenue for Class Two is equal to ($10.50 per unit)(9.5 units) = $99.75 ................
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