Table 12-1 Table 12-1 Shows the Short-Run Cost Data of a Perfectly

question 105

Multiple Choice

Table 12-1

Table 12-1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases.Assume that output can only be increased in batches of 100 units.
-Refer to Table 12-1.If the market price of each camera case is $8, what is the firm's total revenue?

• A)$2,400
• B)$3,200
• C)$4,000
• D)$4,800

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Definitions:

Marginal Cost

The increase or decrease in the total cost that arises from producing one additional unit of a product or service.

Fixed Cost

Expenses that do not change with the level of goods or services produced by a business, such as rent, salaries, and insurance.

Variable

An element, feature, or factor that is liable to vary or change, often used in the context of experiments or mathematical models.

Output

The total amount of goods and services produced by an economy, company, or sector.