Consider the example of the cost of pumpkins inTable 6.3. Compute the total revenue, total costs, and profits when the price of a crate of pumpkins is $60. How many crates of pumpkins will maximize profits? Now find the profit-maximizing quantity by using the marginal cost approach. How do your answers compare? Which approach did you find easier?

6.3

PANEL I
If price equals $35 per crate, then production equals two crates.
Crates	Total Revenue	Total Costs	Profits
0	0	50	-50
1	35	70	-35
2	70	100	-30
3	105	150	-45
4	140	230	-90
5	175	350	-175

PANEL II
If price equals $70 per crate, then production equals three crates.
Crates	Total Revenue	Total Costs	Profits
0	0	50	-50
1	70	70	0
2	140	100	40
3	210	150	60
4	280	230	50
5	350	350	0

PANEL III
If price equals $100 per crate, then production equals four crates.
Crates	Total Revenue	Total Costs	Profits
0	0	50	-50
1	100	70	30
2	200	100	100
3	300	150	150
4	400	230	170
5	500	350	150