Question

Farmer parker will maximize profits loading... by producing nothing bushels of wheat ​(enter a whole​ number). suppose that the marginal cost of wheat increases by​ $0.50 for every bushel of wheat produced. for​ example, the marginal cost of producing the eighth bushel of wheat is now ​$6.506.50. will this increase in marginal cost change the​ profit-maximizing level of production for farmer​ parke

Answer 1

Answer:

1. profit is maximized when Q = 6 bushels, from table

2. When MC increases by 0.5 at each level of quantity produced, setting P = MC for profit maximization

at output level = 6, P = 4, MC = 3.5

Q = 6 bushels

3. Profit = 24-15-0.5*6 = 6.00

Answer 2

Answer:

Farmer Parker will maximize profits by producing ___________ bushels of wheat ​(enter a whole​ number).

Suppose that the marginal cost of wheat increases by​ $0.50 for every bushel of wheat produced. For​ example, the marginal cost of producing the eighth bushel of wheat is now ​$6.50 Will this increase in marginal cost change the​ profit-maximizing level of production for Farmer​ Parker?  

Yes or No?

How much profit will Farmer Parker make​ now?  

​(round your answer to the nearest​ penny).

Explanation:

A picture is attached which is part of the question and the file attached is the solution to the problem.