Multiple Choice
In the Total Revenue Test, total revenue is maximized at the quantity where demand is:
1
views
4. Elasticity
Total Revenue Test
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
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.
Related Videos
Related Practice
Total Revenue Test practice set
Problem sets built by lead tutorsExpert video explanations