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Question: Consider the corn market. Suppose marginal revenue is $25 and marginal cost is $20 and the output is 30 units of corn and profits are at $20,000. You are currently producing 30 units of corn. To get to the profit maximizing output of 50 units where marginal revenue and marginal cost are both equal at $25 and profits are maximized at $50,000, should you produce more or less output of corn and WHY? Also, does your profit increase or decrease? Explain.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93128506

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