Question 1
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow.
Refer to Figure 8.9. At the market price of $18 per bale, if this farmer produces the profit-maximizing level of hay, the total revenue would be
◦ $1,200.
◦ $2,800.
◦ $5,600.
◦ $6,300.
Question 2
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow.
Refer to Figure 8.9. At the market price of $18, if this farmer produces the profit-maximizing quantity, what profit will he make?
◦ $0
◦ $2,000
◦ $700
◦ indeterminate from this information
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