Final answer:
To determine the firm's total revenue for 8 units of output, we multiply the quantity (8) by the given marginal revenue ($8.00). Thus, the total revenue is $64.00.
Step-by-step explanation:
Given that the marginal revenue is $8.00 when producing 15 units of output, we can apply this information to calculate the total revenue for 8 units of output in a competitive market. In competitive markets, the marginal revenue is equal to the price. Therefore, the total revenue is found by multiplying the price by the quantity of output. Calculating the total revenue for 8 units, we need to multiply 8 units by the marginal revenue (which is the same as the price per unit), which is:
Total Revenue = Price per Unit × Quantity
Total Revenue = $8.00 × 8 units
Total Revenue = $64.00
So the firm's total revenue when producing 8 units is $64.00.