What is relationship among a firm income and profit

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Q1. Illustrate what is the relationship among a firm's total income, profit also total cost?

Q2. The PBM Corporation recently entered the perfectly competitive yo-yo industry. It has a one-year lease for its factory to require it to pay $5 dollars rental each day. The factory can produce up to 10 yo-yos each day. The marginal costs of the ten yo-yos to it can produce in a day are $4, $3, $3, $4, $5, $7, $10, $15, $24 also $40 per yo-yo respectively. Yo-yos sell for $12 each. PBM's maximum daily profit is

Reference no: EM1319443

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