The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows Output (units) 50 60 70 80 90 Total reve...
The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows
Output (units)
50
60
70
80
90
Total revenue (TR) $
85
102
119
136
153
What is the unit price of the firm's output
Answer Details
The unit price of the firm's output can be found by dividing the total revenue by the number of units sold. For example, when the firm sells 50 units, the unit price is $85 / 50 = $1.70. Similarly, the unit price remains constant at $1.70 for all other outputs. So the answer is $1.70.