Question

on the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer.

Answer 1

The blue rectangle represents a profit of $1,250 (15 x 83 = 1,245).

What is profit?

Profit is the difference between the total revenue and total costs of a business. It is the amount of money a company has earned after subtracting all its expenses, including taxes and costs of goods sold. Profit is considered the "bottom line" of a business and is typically what owners are looking to increase. In order to increase profit, a business must either increase revenue or reduce costs. Profits are important because they allow businesses to reinvest in their operations, pay dividends to shareholders, and increase their market value.

To learn more about profit
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