Question

current objective understand two different formulas for calculating profit question if a firms total revenue is equal to $1,050 and its total costs are equal to $2,000, then what are its profits (or losses)? provide your answer below: p = □ - □ = □

Explanation:

Step1: Recall profit formula

Profit $p =$ Total Revenue - Total Costs.

Step2: Substitute values

Given Total Revenue = $1050$ and Total Costs = $2000$. So $p=1050 - 2000$.

Step3: Calculate result

$p=- 950$.

Answer:

$-950$