What is the firms total revenue and firms profit or loss

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Reference no: EM13995886

With current technology, suppose a firm is producing 800 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units of land, 4 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20 per unit, respectively.

If the firm can sell these 800 units at $1 per unit, will it continue to produce banana bread?

(Click to select) No Yes

What is the firm's total revenue?

What is the firm's total cost?

What is the firm's profit or loss?

Instructions: Enter a profit as a positive number and a loss as a negative number; include a negative sign (-) if necessary.

Reference no: EM13995886

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