THINK AS AN ECONOMIST: IDENTIFY AN ECONOMIC CONCEPT USING CALCULATIONS Economists use calculations to explain and identify economic concepts. In doing so, they present the data, make the calculations, and explain how those calculations demonstrate the concept. In making production decisions, producers compare total costs and total benefits to find the production point that maximizes their benefits. Suppose a company is considering how large a garage to build in the downtown area of a city. Examine the projections of costs and revenues that the planners develop, as shown in the table. NUMBER OF PARKING PROJECTED COSTS PROJECTED SPACES REVENUES 100 $1.2 million $1.070 million 150 $1.4 million $1.440 million 200 $1.6 million $1.850 million 250 $2.0 million $2.135 million 300 $2.5 million $2.470 million Apply the Skill Calculate the total net benefits for each projected size for the garage. Then determine the size that the company should choose and explain why