Using the total revenue and total cost method, determine the level of output the purely competitive firm should produce in the short run?

Total Revenue

The complete financial income a company collects from the marketplace by selling its goods or services, before any outlays are subtracted.

Total Cost

The sum of all costs incurred by a business in producing a specific level of output, including both fixed and variable costs.

Purely Competitive Firm

A market structure characterized by a large number of small firms, producing homogenous products, with no single firm able to influence market prices due to perfect competition.