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A t-shirt seller sells t-shirts every day at $12 each. The cost of production (material,...

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Accounting

A t-shirt seller sells t-shirts every day at $12 each. The cost of production (material, labor and direct overheads) is $10. The daily fixed costs are $150.

(1) What is the profit the seller makes if 150 t-shirts are sold a day at $12

(2) The seller estimates, as the demand for t-shirts is elastic, that if the price were lowered to $11, a total of 225 t-shirts would sell. Would the t-shirt seller breakeven? If not, what would be the shortfall?

(3) If the seller sells 315 t-shirts a day for $11, how much profit does the seller make?

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