10. The Costs of Production

If a firm produces 5 units and sells each for \$39.00, and its total cost of producing 5 units is \$160.00, what is the firm's profit or loss?

If a firm produces 5 units and sells each for \$39.00, what is the firm's total revenue?

Which of the following conditions is true when a firm is maximizing its profits?

For a firm, profit equals total _____ minus total _____.

Which of the following best describes how total cost is calculated in microeconomics?

Ball Bearings, Inc. faces the following costs of production: fixed costs of \$2,000 and variable costs of \$3,000. If the company sells 1,000 units at a price of \$7 per unit, what is its profit?

Which of the following correctly represents the profit equation for a firm?

Which method do companies typically use to determine the most profitable way to operate?

To calculate profit, producers subtract their total production cost from their:

Economic profits are calculated by subtracting which of the following from total revenue?

The profit that a factor earns is the difference between:

If both a firm's revenue and cost remain constant over time, what will happen to its profit?

Assume the quantity produced and sold (q_{pm}) is 100 units, and the price per unit is \$5. What is your total revenue?

To calculate profit, producers subtract their total production cost from their:

When a firm has a loss, the total revenue is _____ than the total cost.