A producer of ceramic plant pots records the following data for one month. All variable costs are incurred when pots are produced.
| Pots produced | Pots sold | Selling price per pot | Fixed costs | Variable cost per pot produced |
|---|---|---|---|---|
| 900 | 780 | £28 | £8,400 | £11 |
Calculate the average cost per pot produced. Show your working.
Calculate the producer's profit or loss for the month. Show your working.
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.