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 4? (Do not use the dollar sign in your answer)

Question

BlackTom AI · Accepted Answer

Let's work through the information given and compute profit step by step.
First, determine total revenue at output level 4. The price is 20, so revenue = price × quantity = 20 × 4 = 80.
Second, identify total costs at output level 4 from the table. The table shows Total Costs at 4 units is 37.
Next, calculate profit as total revenue minus total costs: Profit = 80 − 37 = 43.
A common pitfall would be to confuse revenue with total costs or to use a different quantity for revenue; remember revenue is price times quantity, not just the price.
Another possible error would be to misread the total cost at the given output level; ensure you reference the correct row for quantity 4, which is 37 in total costs.
Since the instruction says not to include a dollar sign, ensure the final numeric answer is simply 43.

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 4? (Do not use the dollar sign in your answer)

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