1. Suppose a firm producing coffee provides you with the following information: Price = R100 Quantity = 150 units of coffee Cost of production = R9500 Calculate the total revenue of the firm. Is the firm currently making a profit or loss? Explain.
2. Using your knowledge of cost formulas and calculations for a firm producing in the short-run, redraw the table below in your answer book and complete the table by filling in the blank spaces.