From the following, calculate the cost of raw materials used, total manufacturing costs and cost of goods manufactured:
Definitions:
Profit
The financial gain or surplus remaining after all operating expenses, taxes, and costs have been subtracted from total revenue.
Duopoly
A market structure dominated by two firms, often leading to strategic behaviors and outcomes different from those in more competitive markets.
Two Firms
Refers to a market situation often analyzed in oligopoly models where only two companies dominate the supply in the market.
Industry
A group of companies that operate in a specific sector of the economy, producing goods or services.
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