Suppose, a firm sells 20 flower arrangement at a price of $30 each. The firm faces total cost of $400, and marginal cost of $15. What are the firms average total costs and profits?
- ATC = $ 20 and Profit = $100
- ATC = $ 22.5 and Profit = $200
- ATC = $ 22.5 and Profit = $100
- ATC = $ 20 and Profit = $200