don't use Al bot or chat GPT otherwise downvote.correct answer will get instant upvote Suppose that a firm in a competitive marketfaces the following revenues and costs.Quantity(Gallon)1234TotalRevenue(Dollar)05101520253035TotalCost(Dollar),812172330Refer to the table. At what quantity are profits maximized?Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Total revenue is the product of price and quantity. Total profit is the difference between total…

Suppose that a firm in a competitive market faces the following revenues and costs. Quantity (Gallon) 1 3 4 Total Revenue (Dollar) 0 5 10 15 20 25 30 35 Total Cost (Dollar), 8 12 17 23 30 Refer to the table. At what quantity are profits maximized?

Suppose that a firm in a competitive market faces the following revenues and costs. Quantity (Gallon) 1 3 4 Total Revenue (Dollar) 0 5 10 15 20 25 30 35 Total Cost (Dollar), 8 12 17 23 30 Refer to the table. At what quantity are profits maximized?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Suppose that a firm in a competitive market
faces the following revenues and costs.
Quantity
(Gallon)
1
2
3
4
Total
Revenue
(Dollar)
0
5
10
15
20
25
30
35
Total
Cost
(Dollar),
8
12
17
23
30
Refer to the table. At what quantity are profits maximized?
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