Farmer Brown grows peaches in Georgia. Suppose the market for peaches is perfectly competitive and that the market price for a box of peaches is $22 per box. TTI Boxes of Peaches Market Price (per box) $22 22 22 Marginal Cost (MC) 6.00 2 3.00 9.00 3 4 22 22 18.00 5 22 22 36.00 54.00 What price will farmer Brown charge when maximizing profit? Farmer Brown will charge a price of $ 22 per box of peaches. (Enter your response as an integer.) What is farmer Brown's profit-maximizing level of output? Farmer Brown maximizes profit when producing 4 boxes of peaches. (Enter your response as an integer.)
Farmer Brown grows peaches in Georgia. Suppose the market for peaches is perfectly competitive and that the market price for a box of peaches is $22 per box. TTI Boxes of Peaches Market Price (per box) $22 22 22 Marginal Cost (MC) 6.00 2 3.00 9.00 3 4 22 22 18.00 5 22 22 36.00 54.00 What price will farmer Brown charge when maximizing profit? Farmer Brown will charge a price of $ 22 per box of peaches. (Enter your response as an integer.) What is farmer Brown's profit-maximizing level of output? Farmer Brown maximizes profit when producing 4 boxes of peaches. (Enter your response as an integer.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Farmer Brown grows peaches in Georgia. Suppose the market for peaches is perfectly competitive and that the market price for a box of peaches is $22 per box.
Farmer Brown's marginal cost of production is illustrated in the table.
Boxes of
Market Price
Marginal
Cost (MC)
(per box)
$22
Peaches
1
22
6.00
2
22
3.00
3
22
9.00
22
18.00
5
22
36.00
54.00
22
What price will farmer Brown charge when maximizing profit?
Farmer Brown will charge a price of $22 per box of peaches. (Enter your response as an integer.)
What is farmer Brown's profit-maximizing level of output?
Farmer Brown maximizes profit when producing 4 boxes of peaches. (Enter your response as an integer.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9911ccd8-5627-4388-a490-2f74972dd621%2Fbf6c81be-17f4-48a3-b28e-fd6ccaf9771e%2Fzguoiua_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Farmer Brown grows peaches in Georgia. Suppose the market for peaches is perfectly competitive and that the market price for a box of peaches is $22 per box.
Farmer Brown's marginal cost of production is illustrated in the table.
Boxes of
Market Price
Marginal
Cost (MC)
(per box)
$22
Peaches
1
22
6.00
2
22
3.00
3
22
9.00
22
18.00
5
22
36.00
54.00
22
What price will farmer Brown charge when maximizing profit?
Farmer Brown will charge a price of $22 per box of peaches. (Enter your response as an integer.)
What is farmer Brown's profit-maximizing level of output?
Farmer Brown maximizes profit when producing 4 boxes of peaches. (Enter your response as an integer.)
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