profit and revenue

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

total revenue

How can producers maximize their profit? Check all that apply.

2,3,5

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

Profit equals the total amount of money made minus

EXPENSES

What is the difference between profit and revenue?

Revenue is the total amount producers receive after selling a good. Profit is the total amount producers earn after subtracting the production costs.

Clark's Cleaners is a housekeeping service. The company's expenses include theQ

cleaning supplies and any equipment the company purchases.

To generate higher profit margins, producers must work to

decrease their production costs

The point of maximum profit is the point at which the marginal cost equals the

marginal revenue

South Avenue Publishing produces self-help books. The company's profit is the

money the company ears after paying all of its production costs

Producers must understand the marginal benefit of making an additional unit, which shows the

possible gain

In order to calculate marginal cost, producers must compare the difference in the cost of producing one unit to the cost of

producing the next unit

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 good