Suppose Woody's Cabinetmaking calculates the following information for each cabinet produced in a given month: P = $300; Q = 100; AFC = $10; AVC = $140. Woody's total profit for that month is

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Total profit can be calculated using the formula: Profit = (P - ATC) * Q, where P is the price per unit, ATC is the average total cost per unit, and Q is the quantity. ATC = AFC + AVC = $10 + $140 = $150. Therefore, Profit = ($300 - $150) * 100 = $150 * 100 = $15,000.

Suppose Woody's Cabinetmaking Calculates the Following Information for Each Cabinet