Map Sapling Learning macmillan learning Total revenue is best described as O pri
ID: 1221194 • Letter: M
Question
Map Sapling Learning macmillan learning Total revenue is best described as O price per unit times the number of units sold. O variable cost per unit times the number of units sold. O what economists assume firms seek to maximize O the change in revenue when one additional worker is hired. Suppose that the price of a coffee table is $85 per table. Jim Bob sells 100 coffee tables at the flea market this month. It costs Jim-Bob $50 in materials and supplies to make each coffee table and $150 to rent space at the flea market. These are all of Jim-Bob's costs. How much does Jim-Bob make in total revenue? Do not round your answer. Number How much profit does Jim-Bob make at the flea market this month? Do not round your answer NumberExplanation / Answer
1. Total revenue is price per unit times number of units sold. OPTION A
2. Total revenue Jim bob makes is price per coffee table × number of coffee tables he sold in the market.
= $85 × 100 = $8500
AND Profit made by him = Total revenue - total cost
= 8500 - ( 50×100 + 150) = 8500 - 5150
= $3350