If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm wou...

Assessment: JAMB UTME - Economics - 2023 Subject: Economics

Question 1 Report

If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
Answer Details
Economic profit = Total revenue(Output) - Opportunity cost of input
= 1,000,000 - 750,000
= 250,000
Read lesson note on Theory Of Costs (JAMB)
Read lesson note on The Theory Of Price Determination (JAMB)
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