Table 12-2

Table 12-2 lists the various pounds (lbs.)of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market.
-Refer to Table 12-2.How many pounds of apples should Margie sell to maximize her profit?
A)300 pounds
B)400 pounds
C)This cannot be determined without knowing Margie's total or marginal production costs.
D)This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue are given.

Question

Table 12-2
  
Table 12-2 lists the various pounds (lbs.)of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market.
-Refer to Table 12-2.How many pounds of apples should Margie sell to maximize her profit?
A)300 pounds 
B)400 pounds 
C)This cannot be determined without knowing Margie's total or marginal production costs. 
D)This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue are given.

Quizplus · Accepted Answer

To determine the profit-maximizing quantity, Margie's total or marginal production costs are needed to compare with revenue.

Table 12-2 Table 12-2 Lists the Various Pounds (Lbs.)of Apples That Margie