Suppose a Firm Produced 200 Units of Output but Sold

question 15

Multiple Choice

Suppose a firm produced 200 units of output but sold only 150 of the units it produced.The average cost of production for each unit of output produced was $80.Each of the 150 units were sold for a price of $50.The total revenue of this firm would be:

• A)$12,000
• B)$10,000
• C)$7,500
• D)-$8 500

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Definitions:

Nuts

Edible seeds enclosed in a hard shell, often enjoyed as a snack or used in cooking.

Utility Function

A mathematical representation of how consumers rank different bundles of goods based on the satisfaction each bundle provides.

Indifference Curve

A representation of the consumer's preferences, illustrating different combinations of goods that provide the same level of utility or satisfaction.

Apples

Edible fruits from the apple tree, known for their sweet taste and crunchy texture, and used in a variety of culinary dishes.