Question

current objective understand two different formulas for calculating profit question a firm that sells baseballs has estimated that at its current level of production its variable costs are $70 while its fixed costs are $50. the firm has sold $300 worth of baseballs this year. what is the firms total profit? provide your answer below:

Explanation:

Step1: Calculate total costs

Total costs = Variable costs + Fixed costs. Given variable costs = $70 and fixed costs = $50. So, Total costs = $70 + $50=$120.

Step2: Calculate profit

Profit = Total revenue - Total costs. Total revenue = $300 and total costs = $120. So, Profit = $300 - $120 = $180.

Answer:

$180$