Table 9-2
$\begin{array}{|c|c|c|c|c|}
\hline\begin{array}{c}
\text { Apples } \
\text { (pounds) }
\end{array} & \begin{array}{c}
\text { MarketPrice } \
\text { per Pound }
\end{array} & \begin{array}{c}
\text { Total } \
\text { Revenue } \
(\text { TR) }
\end{array} & \begin{array}{c}
\text { Average } \
\text { Revenue } \
\text { (AR) }
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Revenue } \
\text { (MIR) }
\end{array} \
\hline 0 & \$ 3 & \$ 0 & \cdots& \cdots \
\hline 100 & & & & \
\hline 150 & & & & \
\hline 200 & & & & \
\hline 250 & & & & \
\hline 300 & & & & \
\hline 350 & & & & \
\hline 400 & & & & \
\hline
\end{array}$ Table 9-2 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market.
-Refer to Table 9-2.How many pounds of apples should Margie sell to maximize her profit?

Question

Table 9-2
 $\begin{array}{|c|c|c|c|c|}
\hline\begin{array}{c}
\text { Apples } \
\text { (pounds) }
\end{array} & \begin{array}{c}
\text { MarketPrice } \
\text { per Pound }
\end{array} & \begin{array}{c}
\text { Total } \
\text { Revenue } \
(\text { TR) }
\end{array} & \begin{array}{c}
\text { Average } \
\text { Revenue } \
\text { (AR) }
\end{array} & \begin{array}{c}
\text { Marginal } \
\text { Revenue } \
\text { (MIR) }
\end{array} \
\hline 0 & \$ 3 & \$ 0 & \cdots& \cdots  \
\hline 100 & & & & \
\hline 150 & & & & \
\hline 200 & & & & \
\hline 250 & & & & \
\hline 300 & & & & \
\hline 350 & & & & \
\hline 400 & & & & \
\hline
\end{array}$ Table 9-2 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market.
-Refer to Table 9-2.How many pounds of apples should Margie sell to maximize her profit?

Quizplus · Accepted Answer

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

Table 9-2 Table 9-2 Lists the Various Pounds (Lbs