Use the information below to answer the following question(s).
Miller's Good Value Appliance Store is a small company that has hired you to perform some management advisory services. The following information pertains to 2012 operations.
-What are the estimated total costs if Miller's expects to sell 6,500 units next year?
Definitions:
Market Price
The current value at which an asset or service can be bought or sold in a competitive marketplace.
Zero Economic Profit
A situation where a firm's total revenue is exactly equal to its total costs, including opportunity costs.
Economic Profits
The excess of total revenues over total costs, including both explicit and implicit costs.
Market Price
The price at which goods are bought and sold in a competitive marketplace, constantly influenced by supply and demand.
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