Final answer:
There are 249,900 ways the 4 prizes can be given to the competitors.
Step-by-step explanation:
To determine the number of ways the 4 prizes can be given to the competitors, we will use the concept of permutations. Since the order of the prizes matters, we will use the formula for permutations. The formula for permutations is P(n, r) = n! / (n-r)!, where n is the total number of competitors and r is the number of prizes to be given.
Using the formula, we can calculate the number of ways as follows:
P(54, 4) = 54! / (54-4)! = 54! / 50! = (54 * 53 * 52 * 51) = 249,900
Therefore, there are 249,900 ways the 4 prizes can be given to the competitors.