If a business’ total economic cost of producing 10,000 units…

Question

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 1

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

A normal profit of N750,000
An economic profit of N750,000
An economic profit of N250,000 ✓
A normal profit o N1,750,000

Was this explanation helpful?

Something wrong or missing? Tell us — we read every report and fix issues fast.