The fixed costs incurred by a small genetics research lab are $189,000 per year. Variable costs are 51% of the annual revenue.If annual revenue is $473,000, the annual profit/loss is most nearly which answer below? Choose the correct answer below.A. 59,878B. 51,324OC. 25,662OD. 42,770

Given the fixed cost = $189000 Total revenue = $473000 Variable cost = 473000 x 51% = 241230

Answered: annual revenue is OA. 59,878 в. O B.…

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Economics

annual revenue is OA. 59,878 в. O B. 51,324 O C. 25,662 OD. 42,770

Survey Of Economics

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ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

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The fixed costs incurred by a small genetics research lab are $189,000 per year. Variable costs are 51% of the annual revenue.
If annual revenue is $473,000, the annual profit/loss is most nearly which answer below? Choose the correct answer below.
A. 59,878
B. 51,324
OC. 25,662
OD. 42,770

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