Suppose a firm is producing 1,000 units of output (Q). Its average fixed costs are $100. Its average variable costs are $50. What is the total cost (TC) of producing 1,000 units of output (Q)? It the price (P) of the good is $200, what is total revenue? What is total profit?
The question belongs to Economics and it is about calculating the total cost of producing 1000 units with fixed and variable costs present. The solution has the all calculations in detail.
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