Multiple Choice
The total revenue received by sellers of a good is computed by:
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4. Elasticity
Total Revenue Test
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If a firm's economic profit is \$24 and its total cost is \$76, what is its total revenue?
A
\$52
B
\$76
C
\$100
D
\$24
Verified step by step guidance1
Recall the formula for economic profit: Economic Profit = Total Revenue - Total Cost.
Identify the given values: Economic Profit = \$24 and Total Cost = \$76.
Substitute the known values into the formula: 24 = Total Revenue - 76.
Rearrange the equation to solve for Total Revenue: Total Revenue = 24 + 76.
Add the values to express Total Revenue as the sum of Economic Profit and Total Cost.
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