-Refer to the above figure. When the price in the market is $4, economic profits will equal

Name: -Refer to the above figure. When the price in the market is $4, economic profits will equal
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Question

Quizplus · Accepted Answer

Economic profits are equal to total revenue minus total cost. At a price of $4, total revenue is $400 (4 x 100). Total cost is $300 (100 x 3). Therefore, economic profits are $100 ($400 - $300).

-Refer to the Above Figure