Question

Demand Data (2) Price (3) Quantity Answer the question on the basis of the following demand and cost data for a specific firm. (1) Price Cost Data Output Total Cost $ 11.50 $ 10.00 6 6 $ 61 11.00 8.85 7 7 62 10.50 8.00 8 8 64 10.00 7.00 9 9 67 9.60 6.10 10 10 72 9.10 5.00 11 11 79 8.30 4.15 12 12 86 If columns (1) and (3) of the demand data shown are this firm's demand schedule, economic profit will be Multiple Choice $23. $21.1. $72 $24.

          Demand Data
(2) Price
(3) Quantity
Answer the question on the basis of the following demand and cost data for a specific firm.
(1) Price
Cost Data
Output
Total Cost
$ 11.50
$ 10.00
6
6
$ 61
11.00
8.85
7
7
62
10.50
8.00
8
8
64
10.00
7.00
9
9
67
9.60
6.10
10
10
72
9.10
5.00
11
11
79
8.30
4.15
12
12
86
If columns (1) and (3) of the demand data shown are this firm's demand schedule, economic profit will be
Multiple Choice
$23.
$21.1.
$72
$24.

Demand Data
(2) Price
(3) Quantity
Answer the question on the basis of the following demand and cost data for a specific firm.
(1) Price
Cost Data
Output
Total Cost
11.50 10.00
6
6
61
11.00
8.85
7
7
62
10.50
8.00
8
8
64
10.00
7.00
9
9
67
9.60
6.10
10
10
72
9.10
5.00
11
11
79
8.30
4.15
12
12
86
If columns (1) and (3) of the demand data shown are this firm's demand schedule, economic profit will be
Multiple Choice23.
21.1.72
24.

Added by Josefina L.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Varun Indurthi

Step 1

Total revenue is calculated by multiplying the price by the quantity. For the first row, the total revenue is 8.85 * 8 = 70.80 For the second row, the total revenue is 6.10 * 5 = 30.50 Show more…

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Demand Data (2) Price (3) Quantity 40.00 8.85 8.00 1.00 6.10 5.00 4.15 Cost Data Output Total Cost Price 1.50 11.80 9.10 18.50 If columns (1) and (3) of the demand data shown are this firm's demand schedule, economic profit will be Multiple Choice