You are an economic consultant for farmer perk who produces, Ask an Expert

Economics

Q. You are an economic consultant for Farmer Perk, who produces raw cotton and sells it in a perfectly competitive market. One day, he provides you following cost data. Market price for a pound of cotton is $7. Use table to answer following questions.

Output
(Pounds of cotton per day) Total Fixed Cost
(TFC) Total Variable Cost
(TVC)

0 $12 $0
1 $12 $5
2 $12 $9
3 $12 $14
4 $12 $20
5 $12 $28
6 $12 $38

Illustrate what is Farmer Perk's profit-maximizing level of output?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9306454

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