The table given below shows the price of the product according to the quantity of the product produced. Quantity Price 5 $156 $157 $15 In the above table, if the firm sells 5 units of output, its total revenue is $30$15$75$90
Question
The table given below shows the price of the product according to the quantity of the product produced. Quantity Price 5 157 3075$90
Solution
The total revenue of a firm is calculated by multiplying the price of the product by the quantity sold. In this case, if the firm sells 5 units of output at a price of 15 = 75.
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