Question

Consider the following data: equilibrium price = $15, quantity of output produced = 10,000 units, average total cost = $12, and average variable cost $7. Given this data, total revenue is __________, total cost is __________, and total fixed cost is __________.

Answer 1

Step-by-step explanation:

Total revenue = Price * Quantity produced = $15 * 10000 = $150,000

Total cost = Average total cost * Quantity produced = $12 * 10000 = $120,000

Total fixed cost = Average fixed cost * Quantity produced = $5 * 10000 = $50,000