Total profit can be calculated by
a. subtracting total variable cost from total revenue
b. subtracting total revenue from total costs
c. subtracting total costs from total revenue
d. finding the product of the difference between average profit and average total cost and the quantity produced
e. quantity produced times the difference between marginal cost and average total cost
A
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Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values $40, $30, $20, and $10 respectively. The expected value is:
a. $22 b. $24 c. $26 d. $28
Suppose a retail store was offering 10 percent off list prices on all goods. The benefit of the 10 percent savings is:
A. negatively related to the list price of the good. B. unrelated to the list price of the good. C. positively related to the list price of the good. D. zero since costs and benefits shouldn't be measured proportionally.