5. Assume that the olive grove sells its olives in perfect competition at a market price of $0.60 per pound. A. Using the principles described in the reading, the profit-maximizing quantity is and the economic profitfloss is $ 911113 E E E 10,000 $1.20 40,011] .40 90,000 .24 130,000 .30 160,000 .40 130,000 .60 192,000 1.00 193,003 2.00 200,000 15.00 The marginal cost is taken from Part | of this olive grove scenario