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Farmer Jones grows oranges. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of oranges (crates in 1000s) are presented
Farmer Jones grows oranges. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of oranges (crates in 1000s) are presented in the table below. Output Total Revenue Marginal Total Marginal (crates in 10005) Revenue Cost Cost 0 $0 0 1 345 345 300 300 2 690 345 500 200 3 1035 345 600 100 4 1380 345 800 200 5 1725 345 1200 400 6 2070 345 1700 500 Suppose the market for oranges is perfectly competitive. To maximize prots, farmer Jones should produce 4 thousand crates of oranges. (Entera numeric response using an integer.) At that level of output, farmer Jones will earn profit of $l:|
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