Remaining Time: 1 hour, 07 minutes, 02 seconds. Question Completion Status: Tabl

Question

Remaining Time: 1 hour, 07 minutes, 02 seconds. Question Completion Status: Table 14-10 Suppose that a firm in a competitive market faces the following revenues and costs: Quantity 0 Total Revenue $0 $7 $14 $21 $28 $35 $42 $49 Total Cost $3 $5 $9 $15 $23 $33 $45 6 Refer to Table 14-10. If the firm produces the prott-maximizing level of production, how much profit will the frm earn? O d. $2 QUESTION 21 Click Save and Submit to save and submit. Cliek Save All Answers to save ll answers. Save All Answer

Explanation / Answer

THe answer is C=) $6 .

because the profit maximizing level of production is 3 units of output.

at 3 units of output, TR = $21 and TC = $15

profit = TR -TC = 21 -15 = $6 .

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