-Refer to Figure 9.3.At the market price of $8 per bushel,if this farmer produces at the profit-maximizing level of output,his total revenue would be

Question

Quizplus · Accepted Answer

At the market price of $8 per bushel, the profit-maximizing level of output is where the marginal cost curve intersects the market price line, which typically occurs at the quantity where the producer's marginal cost equals the market price. Without the specific details from Figure 9.3, such as the exact quantity produced at this price, we use general economic principles to answer. The correct choice would be based on the assumption that at $8 per bushel, the quantity produced and sold at this price would result in total revenue of $5,600, assuming this option aligns with the data provided in the figure.