Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Experience the convenience of getting accurate answers to your questions from a dedicated community of professionals. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Bobby decides to sell lemonade on a hot summer day. If Bobby sells 20 glasses of lemonade for $2.00 per cup, and his average total cost is $1.70, what are Bobby's economic profits for the day?

Sagot :

menscerto
2.00 - 1.7 = .30 30 cents profit per cup
.30 x 20 = 6.00 $6 profit for day

Bobby's economic profit  for the day is $6.

Bobby's economic profit is total revenue less total cost.

Economic profit = total revenue - total cost

Total revenue = price x  glasses of lemonade sold

20 x $2 = $40

Total cost = average total cost x glasses of lemonade sold

$1.70 x 20 = $34

Economic profit = $40 - $34 = $6.

A similar question was answered here: https://brainly.com/question/14918805?referrer=searchResults

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.