The profit of that day is (C) P = $3,000.
<h3>
What is profit?</h3>
- A profit is a difference between the revenue generated by an economic entity's outputs and the opportunity costs of its inputs.
- Total revenue minus total cost, including both explicit and implicit costs, equals total revenue.
- Unlike accounting profit, it only refers to the explicit costs that appear on a company's financial statements.
- Accounting profit is calculated by subtracting the firm's total revenue from only the firm's explicit costs.
- When analyzing a firm, an economist considers all opportunity costs, both explicit and implicit.
To find the profit of that day:
Given:
- P = 500x − 20x², where 'x' is the number of machines per day produced.
- If the company produces 10 machines in one day, that is x = 10.
By substituting x = 10 in the above equation, we get:
- P = 500 × 10 - 20 × 10²
- P = 5000 - 2000
- P = 3,000/
Therefore, the profit of that day is (C) P = $3,000.
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Answer:
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Step-by-step explanation:
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Answer:
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Step-by-step explanation:
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