Ask Question
2 May, 14:57

Bobby decides to sell lemonade on a hot summer day. If Bobby sells 20 glasses of lemonade for $0.20 per cup, and his average total cost is $0.17, what are Bobby's economic profits for the day? $0.20 $0.00 $0.60 $0.80

+1
Answers (1)
  1. 2 May, 16:52
    0
    c. $0.6

    Explanation:

    The economic profit is the difference between total income and total cost. The total cost is the multiplication of the average cost by the number of sold glasses.

    Total income = 20 * 0,2 = 4

    Average cost = 0,17

    Total cost = 0,17 * 20 = 3,4

    Economic profit = Total income - total cost = 4 - 3,4 = 0,6
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Bobby decides to sell lemonade on a hot summer day. If Bobby sells 20 glasses of lemonade for $0.20 per cup, and his average total cost is ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers