A pottery studio records the following information for one month:
| Information | Amount |
|---|---|
| Mugs produced | 1,200 |
| Mugs sold | 1,050 |
| Selling price per mug | £8.50 |
| Variable cost per mug produced | £3.40 |
| Fixed costs | £2,750 |
Calculate the pottery studio's profit or loss for the month.
83 exam-style questions on OCR GCSE Economics 2.6 Production, covering 2.6.1 Role of producers, 2.6.2 Importance of production and productivity, 2.6.3 Calculate cost, revenue, profit and loss, 2.6.4 Explain cost, revenue, profit and loss, 2.6.5 Cost, revenue and profit for producers, and 2.6.6 Economies of scale. Each one has a worked solution and a mark scheme showing where the marks go.