The following table contains revenue and cost information for a perfectly compet firm producing computers. Use the information provided by the table to answer th question below. Output Total Revenue ($) Total Variable Cost ($) Total Fixed Cost ($) 1 1,000 750 500 2,000 1,250 500 3 3,000 2,000 500 4,000 3,000 500 5 5,000 4,500 500 Over what output range will this firm earn economic profits? 2. 4.

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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.