Refer to the following table:Quantity(Bushels)(Q)TotalRevenueTotalProfit(TR - TC)MarginalRevenue(MR)MarginalCostCost(TR)(TC)(М)$0.00$1.00-$1.004.004.000.00$4.00$3.0028.006.002.004.002.00312.007.504.504.001.50416.009.506.504.002.00520.0012.008.004.002.50624.0015.009.004.003.00728.0019.508.504.004.50832.0025.506.504.006.00936.0032.503.504.007.001040.0040.50- 0.504.008.00Suppose the price of wheat rises to $6.00 per bushel. Farmer Parker will maximize profits by producingbushels of wheat (enter a whole number).He will make a profit of $ (round your answer to the nearest penny).

Answered: Image /qna-images/answer/585eb32f-aa84-4f9b-bf31-41bc4a5cdd24.jpg

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).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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