Total profit equals

A. TR ? TC.
B. average profit times total output.
C. total sales revenue minus total cost.
D. All of the responses are correct.


Answer: D

Economics

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Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges a single entry price to each consumer, what is the profit-maximizing price per consumer?

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