Assume the price of a product is $20, and the table below shows total costs for various levels of output. [table]
Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 Total Costs | $15 | $20 | $22 | $28 | $37 | $58 | $105
[/table] What is the profit when output is 6? (Do not use the dollar sign in your answer)

Question

BlackTom AI · Accepted Answer

First, identify what is being asked: the profit when output is 6 units. To compute profit, we need total revenue and total cost at that output level.
Revenue is price times quantity. The price is 20 dollars and the quantity is 6, so total revenue = 20 × 6 = 120.
Next, read the given table for total costs at quantity 6, which is 105.
Profit is total revenue minus total costs. So profit = 120 − 105 = 15.
A common pitfall would be to confuse costs with revenue or to misread the table; however, the table provides total costs directly, and revenue is calculated from price and output. Remember to perform both steps separately: compute revenue from price and output, then subtract total costs at that output level.
Since the problem specifies not to include the dollar sign in the answer, the numeric result to report is 15.

MUF0061 Economics Unit 1 - Semester 2, 2025 Quick Calculations - How can a firm maximise profit? (5 -10 minutes)

Assume the price of a product is $20, and the table below shows total costs for various levels of output. [table] Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 Total Costs | $15 | $20 | $22 | $28 | $37 | $58 | $105 [/table] What is the profit when output is 6? (Do not use the dollar sign in your answer)

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