Asked by kailee
How do you calculate economic profit without knowing the quantity?
Here is the information included in the question I'm trying to answer regarding finding the economic profit.
price - $8.50
current output - 100 units
ATC at current output - $9.00
AVC at current output - $8.00
total fixed costs - $100
MC at current output - $8.00
How do I find the economic profit from the given information. A formula would be extremely helpful - thanks!!
Here is the information included in the question I'm trying to answer regarding finding the economic profit.
price - $8.50
current output - 100 units
ATC at current output - $9.00
AVC at current output - $8.00
total fixed costs - $100
MC at current output - $8.00
How do I find the economic profit from the given information. A formula would be extremely helpful - thanks!!