how to calculate when a firm in a competitive market produces and sells 100 units of output amd has a marginal revenue of ₹8.00. what would be the firm's total revenue?
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The firm's marginal revenue is equal to the price of $10 per unit of total product. Notice that the marginal cost of the 29th unit produced is $10, while the marginal revenue from the 29th unit is also $10. Hence, the firm maximizes its profits by choosing to produce exactly 29 units of output