Profit

Brenda's Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total profit the company earns after selling 100 boards?

$3,000

Brenda's Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total revenue the company makes after selling 10 boards?

$450

What is the difference between marginal cost and marginal revenue?

Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.

The Davis family grows organic vegetables to sell at a local farmer's market. Which are factors that directly affect their profit? Check all that apply.

NOT an increase in the cost of farm equipment a rise in demand for organic produce

Profit equals the total amount of money made minus

expenses.

To calculate profit, producers subtract their total production cost from their _____

total revenue

To generate higher profit margins, producers must work to

decrease their production costs.

Producers often work to maximize their ____ and make them as large as possible.

profits

According to the chart, the marginal revenue

remains the same as production increases.

What is the best definition of marginal cost?

the price of producing one additional unit of a good