An electric fan manufacturer makes 600 fans and sells 540 of them for £25 each. Its total cost is £12,600. Which statement correctly gives its average cost and its profit?
Average cost is £23.33 and profit is £900
Average cost is £23.33 and profit is £2,400
Average cost is £21 and profit is £900
Average cost is £21 and profit is £2,400
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.