A perfectly competitive firm produces 5050 units of a product and sells it at the market price of $23$23 per product

Economics Dec 09, 2020

A perfectly competitive firm produces 5050 units of a product and sells it at the market price of $23$23 per product. The firm's average total cost is $20$20. What is the firm's total revenue?

(a) $23$23

(b) $150$150

(d) $1,150$1,150

(e) $2,500

Expert Solution

To compute for the total revenue:

Total Revenue = No. of units * Price per unit

Total Revenue = 50 * $23

Total Revenue = $1,150

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