(Table: Total Cost and Output) the Table Describes Sergei's Total

question 26

Essay

(Table: Total Cost and Output) The table describes Sergei's total costs for his perfectly competitive all-natural ice cream firm.If the market price of a tub of ice cream is $20, how many tubs of ice cream will Sergei produce in the short run?
A.0
B.1
C.2
D.3

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Definitions:

Total Revenues

The sum of all earnings or income generated by a business or entity from its operations, before any deductions or expenses are taken into account.

Forgone Entrepreneurial Income

The potential earnings that an entrepreneur sacrifices by choosing to operate their business instead of working elsewhere for a salary.

Production Costs

Expenses incurred in the manufacturing or production process, including raw materials, labor, and overhead costs.

Average Product

The output produced per unit of input, calculated by dividing total output by the total number of units of the input used.