The Wax Works sells 500 candles at a price of $10 per candle. The Wax Worksʹ total economic costs for producing 500 candles are $2,000. The Wax Worksʹ economic profit is

Question

Quizplus · Accepted Answer

The economic profit is calculated by subtracting the total economic costs from the total revenue. The total revenue from selling 500 candles at $10 each is $5,000 ($10 * 500). The total economic costs are $2,000. Therefore, the economic profit is $5,000 - $2,000 = $3,000.

The Wax Works Sells 500 Candles at a Price of $10