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Give typing answer with explanation and conclusion 1.Sara knits 20 scarves and sells them for $25 each. What is her total revenue? $50 $250 $45 $500

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 5PA

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Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

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Give typing answer with explanation and conclusion

1.Sara knits 20 scarves and sells them for $25 each. What is her total revenue?

$50

$250

$45

$500

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