Answer:
total cost = 12,000
Explanation:
From the formula of accounting profit, we can solve for total cost:
Accounting profit = total revenue - totoal cost
Firm X
produce 1,000 units and sell them at $15 each
total revenue: 1,000 units x $15 = 15,000
It has an accounting profit for 3,000
We plug this values into the formula of accounting profit
Accounting profit = total revenue - totoal cost
3,000 = 15,000 - total cost
15,000 - 3,000 = total cost
total cost = 12,000
