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Farmer Jones grows sugar. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of sugar (bushels in thousands) are presented in the table below:

| Output (bushels in 1000s) | Total Revenue | Marginal Revenue | Total Cost | Marginal Cost |
|---------------------------|---------------|------------------|------------|---------------|
| 0 | 0 | - | 0 | - |
| 1 | 313 | 313 | 240 | 240 |
| 2 | 626 | 313 | 400 | 160 |
| 3 | 939 | 313 | 480 | 80 |
| 4 | 1252 | 313 | 640 | 160 |
| 5 | 1565 | 313 | 960 | 320 |
| 6 | 1878 | 313 | 1360 | 400 |

Suppose the market for sugar is perfectly competitive. To maximize profits, Farmer Jones should produce ____ thousand bushels of sugar. (Enter a numeric response using an integer.)

At that level of output, Farmer Jones will earn a profit of $_____.

Answer :

Farmer Jones should produce 21,000 bushels of sugar to maximize income Farmer Jones will make enough money to remain in business at that level of output Profit. $1110

Total Revenue - Total Expenses = Profit

=(150+300+450+600+750+900)=3150-2040=$1110

Retaining an employee's interest is the most crucial element in any business or job process. Also, their pay or profit must be raised to reflect the best value in order to keep them. Employees must earn bonuses or benefits to keep them in the company, unless they perform their jobs improperly. They'll really remain longer, feel more valued, and it will save money on employing new workers. To allocate firm resources, this is done. The money that remains after paying your business expenses is your profit. Gross profit, operating profit, and net profit are the three primary types of profit. The largest profit is gross. The amount left over after paying for the sold goods and services is displayed.

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