Table 2-The following table presents cost and revenue information for John's Vineyard.-COSTS-REVENUESMarginalCostQuantityTotalQuantityTotalMarginalProduced-CostDemandedPriceRevenne Revenne-0.0.0.80.1.501.80.2.102-2.80-3.157.3.804-217.4.80-5.2855.80.6.365.6.80.7.4627.80-8.582.8.80.Refer to Table 2. At what quantity does John's Vineyard maximize profits?A3BC7D8.CO

Maximize profit is where when MR=MC , so here we calculate the table and complete it and calculate…

COSTS REVENUES- Quantity Tetal Marginal Quantity Total Marginal Produced Cest Cest Demanded Price Revenne Revenne 0. 0. 80- 50. 1. 80 2 3 102- 2 80 157. 3 80. 4- 217. 4- 80. 285 80. 6 365. 6 80 7. 462 7. 80 8. 582 8. 80. Refer to Table 2. At what quantity does John's Viney ard maximize profits?

COSTS REVENUES- Quantity Tetal Marginal Quantity Total Marginal Produced Cest Cest Demanded Price Revenne Revenne 0. 0. 80- 50. 1. 80 2 3 102- 2 80 157. 3 80. 4- 217. 4- 80. 285 80. 6 365. 6 80 7. 462 7. 80 8. 582 8. 80. Refer to Table 2. At what quantity does John's Viney ard maximize profits?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Table 2-
The following table presents cost and revenue information for John's Vineyard.-
COSTS-
REVENUES
Marginal
Cost
Quantity
Total
Quantity
Total
Marginal
Produced-
Cost
Demanded
Price
Revenne Revenne-
0.
0.
0.
80.
1.
50
1.
80.
2.
102-
2.
80-
3.
157.
3.
80
4-
217.
4.
80-
5.
285
5.
80.
6.
365.
6.
80.
7.
462
7.
80-
8.
582.
8.
80.
Refer to Table 2. At what quantity does John's Viney
ard maximize profits?
A
3
B
C
7
D
8.
CO

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