Farmer Jones grows sugar. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of sugar (bushels in 1000s) are presented in the table below Marginal Output (bushels in 1000s) Total Revenue Marginal Total Revenue Cost Cost 0 $0 0 1 86 86 120 120 2 172 200 80 258 240 40 4 344 86 320 80 5 430 86 480 160 6 516 86 680 200 Suppose the market for sugar is perfectly competitive. To maximize profits, farmer Jones should produce thousand bushels of sugar. (Enter a numeric response using an integer) At that level of output, farmer Jones will earn profit of 4.
Farmer Jones grows sugar. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of sugar (bushels in 1000s) are presented in the table below Marginal Output (bushels in 1000s) Total Revenue Marginal Total Revenue Cost Cost 0 $0 0 1 86 86 120 120 2 172 200 80 258 240 40 4 344 86 320 80 5 430 86 480 160 6 516 86 680 200 Suppose the market for sugar is perfectly competitive. To maximize profits, farmer Jones should produce thousand bushels of sugar. (Enter a numeric response using an integer) At that level of output, farmer Jones will earn profit of 4.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 13CTQ: Think back to a purchase that you made recently. How would you describe your thinking before you...
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