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I need help with these questions Based on the numbers in the table, how many bushels should this farmer produce in order to maximize profit?
I need help with these questions
Based on the numbers in the table, how many bushels should this farmer produce in order to maximize profit? Quantity Total Total Marginal Marginal (Bushels) Revenue Costs Revenue Cost (TR) (TC (MR MC MC $16.00 $9.50 $4.00 $2.00 20.00 12.00 4.00 2.50 24.00 15.00 4.00 3.00 28.00 19.50 4.00 4.50 32.00 25.50 4.00 6.00 Cost and price $4.00 36.00 32.50 4.00 7.00 40.00 40.50 4.00 8.00 MR O A. 4 bushels O B. 6 bushels O C. 9 bushels O D. 10 bushels 1 2 3 4 5 6 7 8 9 10 Quantity (bushels) Refer to the graph, which shows the marginal cost and marginal revenue curves for a farmer in the perfectly competitive market for wheat. What is the profit-maximizing level of output if the farmer can produce only whole units of output? O A. 3 bushels O B. 6 bushels O C. 8 bushels O D. 10 bushelsThe graph to the right represents the situation of Marguerite's Caps, a firm selling caps in the perfectly competitive cap industry. 15.00- In order to maximize her profits, Marguerite should produce | | caps. (Enter your response as a whole number.) 14.00- MC 13.00- At the profit-maximizing level of output, she will earn a profit of $ . (Enter your response as a whole number.) 12.00- ATC Suppose Marguerite decides to quit the cap industry and shut down. Her loss would be $ . (Enter your response as a whole number.) AVC Price and cost (dollars per cap) 100 120 140 Quanity (caps per day)In the diagram, point A provides the point B the and point C the O A. equilibrium price; market equilibrium; equilibrium quantity O B. equilibrium price; surplus or shortage; equilibrium quantity 'S O C. equilibrium price; market equilibrium; surplus O D. market clearing price; equilibrium point; shortage Price (dollars per units) :C Quantity (millions of units per month)Step by Step Solution
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