Calculate the firm's total profit.
Total Profit = (price - ATC) × output
= ($20.80 - $11.20) × 24
= $9.60 × 24
= $230.40
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Which of the following statements best describes equilibrium?
a. The area above the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. b. The area below the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. c. The point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. d. Any point above where the supply curve (S) and the demand curve (D) cross is called the equilibrium.
Compensation of employees is the largest component of GDP when using the expenditure approach to calculate GDP
Indicate whether the statement is true or false
How does the idea of a leaky bucket relate to the study of income distribution?
What will be an ideal response?
GDP estimates account for which of the following items?
A. Do-it-yourself activities B. "Psychic income" people derive from their work C. Household spending for health and home insurance D. Improvements in product quality