- The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: \table[[\table[[Quantity], [(bushels )], [(Q)]], \table[[Total], [Revenue], [(TR)]], \table[[Total Cost], [(TC)]], \table[[Profit], [(TR TC)]], \table[[Marginal], [ Revenue], [(MR)]], \table [[Marginal], [Cost], [(MC)]]], [0, $0.00, $4.00, $-4.00, - -], [1, 4.00, 7.00, -3.00,$ 4.00, 3.00], [2.8.00, 9.00, -1.00, 4.00, 2.00], [3. 12.00, 10.50, 1.50, 4.00, 1.50], [4, 16.00, 12.50, 3.50, 4.00, 2.00], [5, 20.00 Farmer Parker's profit - maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00. Farmer Parker's fixed costs are $. (Enter your response rounded to two decimal places.) The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: Quantity (bushels) Total Revenue Total Cost Profit Marginal Revenue Marginal Cost (TR) (TC) (TR-TC) (MR) (MC) 01234567890 $0.00 $4.00 $-4.00 - 4.00 7.00 -3.00 $4.00 3.00 8.00 9.00 - 1.00 4.00 2.00 12.00 10.50 1.50 4.00 1.50 16.00 12.50 3.50 4.00 2.00 20.00 15.00 5.00 4.00 2.50 24.00 19.00 5.00 4.00 4.00 28.00 23.50 4.50 4.00 4.50 32.00 30.50 1.50 4.00 7.00 36.00 40.00 -4.00 4.00 9.50 40.00 52.50 - 12.50 4.00 12.50 Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00. Farmer Parker's fixed costs are $ (Enter your response rounded to two decimal places.)
- The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: \table[[\table[[Quantity], [(bushels )], [(Q)]], \table[[Total], [Revenue], [(TR)]], \table[[Total Cost], [(TC)]], \table[[Profit], [(TR TC)]], \table[[Marginal], [ Revenue], [(MR)]], \table [[Marginal], [Cost], [(MC)]]], [0, $0.00, $4.00, $-4.00, - -], [1, 4.00, 7.00, -3.00,$ 4.00, 3.00], [2.8.00, 9.00, -1.00, 4.00, 2.00], [3. 12.00, 10.50, 1.50, 4.00, 1.50], [4, 16.00, 12.50, 3.50, 4.00, 2.00], [5, 20.00 Farmer Parker's profit - maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00. Farmer Parker's fixed costs are $. (Enter your response rounded to two decimal places.) The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: Quantity (bushels) Total Revenue Total Cost Profit Marginal Revenue Marginal Cost (TR) (TC) (TR-TC) (MR) (MC) 01234567890 $0.00 $4.00 $-4.00 - 4.00 7.00 -3.00 $4.00 3.00 8.00 9.00 - 1.00 4.00 2.00 12.00 10.50 1.50 4.00 1.50 16.00 12.50 3.50 4.00 2.00 20.00 15.00 5.00 4.00 2.50 24.00 19.00 5.00 4.00 4.00 28.00 23.50 4.50 4.00 4.50 32.00 30.50 1.50 4.00 7.00 36.00 40.00 -4.00 4.00 9.50 40.00 52.50 - 12.50 4.00 12.50 Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00. Farmer Parker's fixed costs are $ (Enter your response rounded to two decimal places.)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.3: The Various Measures Of Cost
Problem 3QQ
Related questions
Question
![-
The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: \table[[\table[[Quantity], [(bushels
)], [(Q)]], \table[[Total], [Revenue], [(TR)]], \table[[Total Cost], [(TC)]], \table[[Profit], [(TR TC)]], \table[[Marginal], [
Revenue], [(MR)]], \table [[Marginal], [Cost], [(MC)]]], [0, $0.00, $4.00, $-4.00, - -], [1, 4.00, 7.00, -3.00,$
4.00, 3.00], [2.8.00, 9.00, -1.00, 4.00, 2.00], [3. 12.00, 10.50, 1.50, 4.00, 1.50], [4, 16.00, 12.50, 3.50, 4.00, 2.00], [5, 20.00
Farmer Parker's profit - maximizing level of production is 6 bushels of wheat. At this level of production he produces
following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00. Farmer Parker's
fixed costs are $. (Enter your response rounded to two decimal places.)
The following table shows Farmer Parker's revenue, cost, and profit from wheat farming:
Quantity
(bushels)
Total
Revenue Total Cost
Profit
Marginal
Revenue
Marginal
Cost
(TR)
(TC)
(TR-TC)
(MR)
(MC)
01234567890
$0.00
$4.00
$-4.00
-
4.00
7.00
-3.00
$4.00
3.00
8.00
9.00
- 1.00
4.00
2.00
12.00
10.50
1.50
4.00
1.50
16.00
12.50
3.50
4.00
2.00
20.00
15.00
5.00
4.00
2.50
24.00
19.00
5.00
4.00
4.00
28.00
23.50
4.50
4.00
4.50
32.00
30.50
1.50
4.00
7.00
36.00
40.00
-4.00
4.00
9.50
40.00
52.50
- 12.50
4.00
12.50
Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces
following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00.
Farmer Parker's fixed costs are $ (Enter your response rounded to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdc850257-eb64-4761-b7ae-f5327435026b%2Fe8bc6252-fc2f-408a-ac1a-a32b3f6b7d2c%2Fepqza2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:-
The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: \table[[\table[[Quantity], [(bushels
)], [(Q)]], \table[[Total], [Revenue], [(TR)]], \table[[Total Cost], [(TC)]], \table[[Profit], [(TR TC)]], \table[[Marginal], [
Revenue], [(MR)]], \table [[Marginal], [Cost], [(MC)]]], [0, $0.00, $4.00, $-4.00, - -], [1, 4.00, 7.00, -3.00,$
4.00, 3.00], [2.8.00, 9.00, -1.00, 4.00, 2.00], [3. 12.00, 10.50, 1.50, 4.00, 1.50], [4, 16.00, 12.50, 3.50, 4.00, 2.00], [5, 20.00
Farmer Parker's profit - maximizing level of production is 6 bushels of wheat. At this level of production he produces
following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00. Farmer Parker's
fixed costs are $. (Enter your response rounded to two decimal places.)
The following table shows Farmer Parker's revenue, cost, and profit from wheat farming:
Quantity
(bushels)
Total
Revenue Total Cost
Profit
Marginal
Revenue
Marginal
Cost
(TR)
(TC)
(TR-TC)
(MR)
(MC)
01234567890
$0.00
$4.00
$-4.00
-
4.00
7.00
-3.00
$4.00
3.00
8.00
9.00
- 1.00
4.00
2.00
12.00
10.50
1.50
4.00
1.50
16.00
12.50
3.50
4.00
2.00
20.00
15.00
5.00
4.00
2.50
24.00
19.00
5.00
4.00
4.00
28.00
23.50
4.50
4.00
4.50
32.00
30.50
1.50
4.00
7.00
36.00
40.00
-4.00
4.00
9.50
40.00
52.50
- 12.50
4.00
12.50
Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces
following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $5.00.
Farmer Parker's fixed costs are $ (Enter your response rounded to two decimal places.)
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