Total revenue earned by the company is $100 for 50 units at $5 per unit
No. of units produced by the firm= 50
Average cost per unit = $3
The formula used for calculating total cost of the production:
Average = Sum of observations/Total no. of observations
3 = Sum of observations/50
Therefore, the total cost of production = $150
Market price per unit = $5
Total revenue earned by 50 units at $5= 5*50 = $250
Profit earned = Revenue - Cost
=250 - 150 = $100
Hence, the total profit for the firm is $100 when selling 50 units at $5 per unit
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