Jump to... stlon 9 of 11 Sapling Learning Uncle Josh\'s Farm has costs and reven

Question

Jump to... stlon 9 of 11 Sapling Learning Uncle Josh's Farm has costs and revenue as seen in the graph below. Uncle Josh knaws been doing in your economics course profit as possible. the graph below. Unde Josh knows how well youve What is Unde Josh's profit-maximizing output? Number 10 piicwi uih receivu er unit at Marginal Cost the profit maximizing level of Number Assuming he maximizes his profit, how much profit will Uncle Josh eam? Average Total Cost Number Quantity Ert Previous Gve up & View ShtonCheck Answer Next bout s careers privacy policy terma of use contact us help

Explanation / Answer

1. profit-maximizing output is where price = MC. Q* = 7

2.Profit maximizing price is = MC =3 at Q* = 7

3.Profit = (Price -ATC)*Q

Profit = (3-1)*7 = 14

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