Firm X sold 1,000 units of their product last month at a price of $500. If it costs them $300 to produce each unit, what is their gross margin for the month?
Question
Solution 1
Step 1: Calculate the total revenue The total revenue is calculated by multiplying the number of units sold by the selling price per unit. In this case, Firm X sold 1,000 units at a price of $500 each. So, the total revenue is 1,000 units * $500/unit = $500,000.
Step 2: Calculate the total cost of Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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