Refer to the following table: Quantity (Bushels) (Q) Total Revenue Marginal Revenue (MR) Marginal Cost (МC) Total Cost Profit (TR) (TC) (TR- TC) $0.00 $1.00 -$1.00 1 4.00 4.00 0.00 $4.00 $3.00 2 8.00 6.00 2.00 4.00 2.00 3 12.00 7.50 4.50 4.00 1.50 4 16.00 9.50 6.50 4.00 2.00 20.00 12.00 8.00 4.00 2.50 24.00 15.00 9.00 4.00 3.00 28.00 19.50 8.50 4.00 4.50 8 32.00 25.50 6.50 4.00 6.00 36.00 32.50 3.50 4.00 7.00 10 40.00 40.50 -0.50 4.00 8.00 Suppose the price of wheat rises to $6.00 per bushel. Farmer Parker will maximize profits by producing bushels of wheat (enter a whole number). He will make a profit of S (round your answer to the nearest penny).
Refer to the following table: Quantity (Bushels) (Q) Total Revenue Marginal Revenue (MR) Marginal Cost (МC) Total Cost Profit (TR) (TC) (TR- TC) $0.00 $1.00 -$1.00 1 4.00 4.00 0.00 $4.00 $3.00 2 8.00 6.00 2.00 4.00 2.00 3 12.00 7.50 4.50 4.00 1.50 4 16.00 9.50 6.50 4.00 2.00 20.00 12.00 8.00 4.00 2.50 24.00 15.00 9.00 4.00 3.00 28.00 19.50 8.50 4.00 4.50 8 32.00 25.50 6.50 4.00 6.00 36.00 32.50 3.50 4.00 7.00 10 40.00 40.50 -0.50 4.00 8.00 Suppose the price of wheat rises to $6.00 per bushel. Farmer Parker will maximize profits by producing bushels of wheat (enter a whole number). He will make a profit of S (round your answer to the nearest penny).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Refer to the following table:
Quantity
(Bushels)
(Q)
Total
Revenue
Total
Profit
(TR - TC)
Marginal
Revenue
(MR)
Marginal
Cost
Cost
(TR)
(TC)
(М)
$0.00
$1.00
-$1.00
4.00
4.00
0.00
$4.00
$3.00
2
8.00
6.00
2.00
4.00
2.00
3
12.00
7.50
4.50
4.00
1.50
4
16.00
9.50
6.50
4.00
2.00
5
20.00
12.00
8.00
4.00
2.50
6
24.00
15.00
9.00
4.00
3.00
7
28.00
19.50
8.50
4.00
4.50
8
32.00
25.50
6.50
4.00
6.00
9
36.00
32.50
3.50
4.00
7.00
10
40.00
40.50
- 0.50
4.00
8.00
Suppose the price of wheat rises to $6.00 per bushel. Farmer Parker will maximize profits by producing
bushels of wheat (enter a whole number).
He will make a profit of $ (round your answer to the nearest penny).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb03b9583-f53d-4c59-872a-95d5d55f6d76%2F585eb32f-aa84-4f9b-bf31-41bc4a5cdd24%2Fciejmif_processed.png&w=3840&q=75)
Transcribed Image Text:Refer to the following table:
Quantity
(Bushels)
(Q)
Total
Revenue
Total
Profit
(TR - TC)
Marginal
Revenue
(MR)
Marginal
Cost
Cost
(TR)
(TC)
(М)
$0.00
$1.00
-$1.00
4.00
4.00
0.00
$4.00
$3.00
2
8.00
6.00
2.00
4.00
2.00
3
12.00
7.50
4.50
4.00
1.50
4
16.00
9.50
6.50
4.00
2.00
5
20.00
12.00
8.00
4.00
2.50
6
24.00
15.00
9.00
4.00
3.00
7
28.00
19.50
8.50
4.00
4.50
8
32.00
25.50
6.50
4.00
6.00
9
36.00
32.50
3.50
4.00
7.00
10
40.00
40.50
- 0.50
4.00
8.00
Suppose the price of wheat rises to $6.00 per bushel. Farmer Parker will maximize profits by producing
bushels of wheat (enter a whole number).
He will make a profit of $ (round your answer to the nearest penny).
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