To Calculate _________, You Would Compute: (Unit Price X Quantity

question 414

Multiple Choice

To calculate _________, you would compute: (Unit price x Quantity sold) - (Fixed cost + Variable cost) .

• A)profit
• B)total revenue
• C)marginal revenue
• D)average revenue
• E)break-even point

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Definitions:

Marginal Product

The additional output generated by using one more unit of a particular input, holding other inputs constant.

Inventory

The goods and materials a business holds for the ultimate goal of resale, production, or utilization.

Labor Hours

The total amount of time workers spend working in a given period, typically measured in hours per day, week, or year.

Isoquant

An isoquant is a curve that represents all the combinations of inputs that produce the same level of output in production theory.