Question

A firm that sells baseballs has estimated that at its current level of production its variable costs are $70 while its fixed costs are $50. The firm has sold $300 worth of baseballs this year. What is the firm's total profit

Answer 1

The firm's total profit for this year based on the firm's current level of production is $180.

What is the total profit?

The total profit is the difference between sales revenue and total (variable and fixed) costs.

Data and Calculations:

Sales revenue = $300

Variable costs =    (70)

Contribution      $230

Fixed costs           (50)

Total profits      $180

Thus, the firm's total profit for this year based on the firm's current level of production is $180.

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