out the table below.      Unit           Marginal Marginal Quantity (Q) Price (P) Total Revenue (TR) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Profit   Cost   Revenue   14   $10 140 $3 40 $43     - 15   $10 150 $3 48 $51     10 16   $10 160 $3 57 $60     10 17   $10 170 $3 67 $70     10 18   $10 180 $3 78 $81     10   3.2. Is the table above pertaining to a perfectly competitive firm or monopoly? How can you te

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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.