Suppose a perfectly competitive ukulele factory can produce 35 ukuleles at an output at which marginal cost equals marginal reve
nue. The price per ukulele is $1300 and the average total cost is $1500. What is the profit or loss that this furniture factory is earning?
1 answer:
Answer: There is loss of $7000 that this furniture factory is earning.
Step-by-step explanation:
Since we have given that
Average total cost = $1500
Price per ukulele = $1300
As we know that
Number of units = 35
So, total revenue would be
So, Loss is given by
Total cost - Total revenue
Hence, there is loss of $7000 that this furniture factory is earning.
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