Marianne owns a dairy farm near Fresno, CA. She is currently producing cheese at an output levelwhere marginal revenue (MR) exceeds marginal cost (MC). In order to maximize her profit,Marianne shouldshut down her dairy farm.decrease her output.not change her output.increase her output. Suppose that there is a perfectly competitive firm with the following cost data:Variable Cost (VC)=10Q²Fixed Cost (FC)=100Market Price $20Find the firm's profits (Hint: You will need the Total Revenue and Total Cost) at the profitmaximizing Q.O-90100140120

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Marianne owns a dairy farm near Fresno, CA. She is currently producing cheese at an output level where marginal revenue (MR) exceeds marginal cost (MC). In order to maximize her profit, Marianne should oooo shut down her dairy farm. O decrease her output. O not change her output. O increase her output.

Marianne owns a dairy farm near Fresno, CA. She is currently producing cheese at an output level where marginal revenue (MR) exceeds marginal cost (MC). In order to maximize her profit, Marianne should oooo shut down her dairy farm. O decrease her output. O not change her output. O increase her output.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 9P

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handwritt
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