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18 December, 20:35

Bobby decides to sell lemonade on a hot summer day. If Bobby sells 20 glasses of lemonade for $0.20 per cup, and his average total cost is $0.17, what are Bobby's economic profits for the day? $0.20 $0.00 $0.60 $0.80

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  1. 18 December, 20:38
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    c. $0.6

    Explanation:

    The economic profit is the difference between total income and total cost. The total cost is the multiplication of the average cost by the number of sold glasses.

    Total income = 20 * 0,2 = 4

    Average cost = 0,17

    Total cost = 0,17 * 20 = 3,4

    Economic profit = Total income - total cost = 4 - 3,4 = 0,6
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