Question
Suppose John sells hotdogs. Last week he sold 230 hotdogs for $4 each. His total cost...
Suppose John sells hotdogs. Last week he sold 230 hotdogs for $4 each. His total cost over the same period was $550. Use this information to answer the following questions: • John's total revenue over that week is $ • John's economic profit over that week is $ Check Next page Lecture potestuodated after each class Jump to... goals: Costs of production
Suppose John sells hotdogs. Last week he sold 230 hotdogs for $4 information to answer the following questions: • John's total revenue over that week is $ • John's economic profit over that week is $ Check als. Costs of production Jump to
Answers
John’s revenue=P*Q=230*4=920 Revenue is the amount received after selling produced
total cost=550
Economic profit=Total revenue- Total cost=920-550=370
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