Question
Can you show me how to calculate the Profit in this one? Help me please! 3ムS...
Can you show me how to calculate the Profit in this one? Help me please!
3ムS 29 34 45 455 55 ad
Answers
Ans: Before solving this question, one needs to understand how can we calculate profit.
Profit = Total Revenue - Total Cost
From the given ques, we can estimate that total cost will be equal to the wages given to the laborers, i.e., TC= L*W. Similarly. total revenue can be estimated by the price of the output produced, i.e, TR= P*Q.
Using the above formulae, given wages=$40 and price= $10
Q L TC (L*W) TR (P*Q) PROFIT (TR-TC) 10 1 40 100 60 19 2 80 190 110 27 3 120 270 150 34 4 160 340 180 40 5 200 400 200 45 6 240 450 210 49 7 280 490 210 52 8 320 520 200 54 9 360 540 180 55 10 400 550 150 385 55 2200 3850 1650 Total Profit= Total Revenue- Total Cost
or, 1650= 3850-2200
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