-Refer to Figure 9.5.For this farmer to maximize profits he should produce ________ bushels of wheat.

Question

Quizplus · Accepted Answer

To maximize profits, a farmer should produce at the quantity where marginal cost (MC) equals marginal revenue (MR). Without seeing Figure 9.5, the specific answer cannot be determined accurately. However, in typical economic models, the profit-maximizing quantity is where MC = MR. This principle is fundamental in microeconomics.