Farmer Jones grows sugar. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of sugar (bushels in 1000s) are presented in the table below.Total RevenueOutput(bushels in 1000s)MarginalRevenue0123456$0150300450600750900150150150150150150Suppose the market for sugar is perfectly competitive. To maximize profits, farmer Jones should produceAt that level of output, farmer Jones will earn profit of $TotalCost0120200240320480680MarginalCost120804080160200thousand bushels of sugar. (Enter a numeric response using an integer.)

A perfectly competitive market maximizes profit by producing output at a level where : 1) Marginal…

Farmer Jones grows sugar. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of sugar (bushels in 1000s) are presented in the table below. Total Revenue Marginal Total Output (bushels in 1000s) Revenue Cost 0 $0 150 300 450 600 750 900 Suppose the market for sugar is perfectly competitive. To maximize profits, farmer Jones should produce At that level of output, farmer Jones will earn profit of S 1 2 3 4 5 6 150 150 150 150 150 150 0 120 200 240 320 480 680 Marginal Cost 120 80 40 80 160 200 thousand bushels of sugar. (Enter a numeric response using an integer.)