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Problem

Briefly explain the reason for the shape of a mar…

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Srikar K.

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Problem 1 Problem 2 Problem 3 Problem 4 Problem 5 Problem 6 Problem 7 Problem 8 Problem 9 Problem 10 Problem 11 Problem 12 Problem 13 Problem 14 Problem 15 Problem 16 Problem 17 Problem 18 Problem 19 Problem 20 Problem 21 Problem 22 Problem 23 Problem 24 Problem 25 Problem 26 Problem 27 Problem 28 Problem 29 Problem 30 Problem 31 Problem 32 Problem 33 Problem 34 Problem 35 Problem 36 Problem 37 Problem 38 Problem 39 Problem 40 Problem 41

Problem 16 Easy Difficulty

How does a perfectly competitive firm calculate total revenue?

Answer

Perfectly competitive firm like any other firm calculated total revenue by multiplying the total
quantity produced by price of each unit.

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Principles of Microeconomics for AP® Courses

Chapter 8

Perfect Competition

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Video Transcript

so first, in order to understand how perfect competition Ah, calculates soldier of anyone understand what total revenue is. Total revenue is the sum of all the prices you pay. So if you paid, um, or the prices you received the money you received So suppose you, ah, have, like, five different jobs. Okay, your revenue would be the salary, the price from the first job, plus the price from the second job, plus the price from the third job, plus the price from the fourth job, plus the price from the fifth job, and that will lead to your total revenue. Now, in a perfectly competitive firm, though, they take the market price, so the price of one would equal the price of two would equal the price of three, and it would equal the all the prices going forward. So there is no change between the prices. So this is simply multiplication. All we have to do to calculate total revenue is take the price that we're given and multiply it Bye. The quantity that we have to sell

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Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Microeconomics for AP® Courses

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