Table 2-The following table presents cost and revenue information for John's Vineyard.-COSTS-REVENUESMarginalCostQuantityTotalQuantityTotalMarginalProduced-CostDemandedPriceRevenne Revenne-0.0.0.80.1.501.80.2.102-2.80-3.157.3.804-217.4.80-5.2855.80.6.365.6.80.7.4627.80-8.582.8.80.Refer to Table 2. At what quantity does John's Vineyard maximize profits?A3BC7D8.CO

Maximize profit is where when MR=MC , so here we calculate the table and complete it and calculate…

COSTS REVENUES- Quantity Tetal Marginal Quantity Total Marginal Produced Cest Cest Demanded Price Revenne Revenne 0. 0. 80- 50. 1. 80 2 3 102- 2 80 157. 3 80. 4- 217. 4- 80. 285 80. 6 365. 6 80 7. 462 7. 80 8. 582 8. 80. Refer to Table 2. At what quantity does John's Viney ard maximize profits?

COSTS REVENUES- Quantity Tetal Marginal Quantity Total Marginal Produced Cest Cest Demanded Price Revenne Revenne 0. 0. 80- 50. 1. 80 2 3 102- 2 80 157. 3 80. 4- 217. 4- 80. 285 80. 6 365. 6 80 7. 462 7. 80 8. 582 8. 80. Refer to Table 2. At what quantity does John's Viney ard maximize profits?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 5PA

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