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Rick Miles runs a CD-making business. He forecasts demand for his CDs at 5000 for the next year. He charges $20 per CD sold. It costs him $2000 in fixed costs a year to run his business and $2 per CD in variable costs.
a. What are Rick's revenues?
b. What are Rick's costs?
c. Does Rick make a profit?
Answer:
Demand= 5000
Selling Price per CD=$ 20
a) Revenue= Demand*Cost Per Unit= 5000*20= 100,000$
b) Costs-Fixed Cost= $2000
Variable Cost=$ 2 per CD
Total Variable Cost= 5000*2= $10000
Total Cost= FC+VC= 2000+10000= $12000
c) Profit= Revenue-Cost= 100,000-12000=$ 88,000
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