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Suppose the total cost of producing bikes, TC, consists of the fixed costs, FC, and the variable costs VC (per bike produced). So TC=FC+VC x
Suppose the total cost of producing bikes, TC, consists of the fixed costs, FC, and the variable costs VC (per bike produced). So TC=FC+VC x , where x is the number of bikes produced. If we know that FC=$10000, VC=$100, and that each bike could be sold at $300, at least how many bikes the firm needs to produce before it could make a profit? A diagram could be used to solve the problem. Give me the whole explanation, and also include all steps (including formulas if there).
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