Answer to Question #157427 in Microeconomics for Shahlar

Question

A certain firm produces and sells potato chips. Last year it sold 3 million bags of chips at a price of $3 per bag. For last year, the firm's a. accounting profit was $9 million. b. economic profit was $9 million. c. total revenue was $9 million. d. explicit costs was $9 million.

Answer 1

c) total revenue was $9 million.