Output Total Revenue Total Cost 0 $0 $ 50 1 30 74 2 60 94 3 90 117 4 120 142 5 150 172 The table gives data for a purely competitive, profit- maximizing firm. Based on this information, in the short run how much is this firm earning in economic profit (or losing, as reflected by negative numbers)? Multiple Choice $30. -$22. $20. -$27.

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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.