Refer to Figure 8.4.2. The figure describes the cost and revenue structure of a perfectly competitive coffee farm, on a per-unit basis.

a) What is the profit maximizing number of sacks when the price of coffee in the market is $380 dollars?

b) When the coffee farmer maximizes profit, how much is his profit?

c) When profit is maximized, what would be the total revenue and the total cost of the farmer?

d) How much is the profit lost when the farmer produces 6 sacks instead of 14 sacks?