The per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
How do we calculate profit-maximizing price?
The rule for calculating a profit-maximizing perfectly competitive firm is to produce the level of output where Price equals the Marginal Revenues= Marginal cost.
Hence, the economic profit is calculated by Total Revenue - (Explicit Costs + Implicit Costs) because it entails the difference between the revenue received from the sale of an output and the costs of all inputs.
Therefore, the per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
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