don't use Al bot or chat GPT otherwise downvote.correct answer will get instant upvote Suppose that a firm in a competitive marketfaces the following revenues and costs.Quantity(Gallon)1234TotalRevenue(Dollar)05101520253035TotalCost(Dollar),812172330Refer to the table. At what quantity are profits maximized?Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Total revenue is the product of price and quantity. Total profit is the difference between total…

Suppose that a firm in a competitive market faces the following revenues and costs. Quantity (Gallon) 1 3 4 Total Revenue (Dollar) 0 5 10 15 20 25 30 35 Total Cost (Dollar), 8 12 17 23 30 Refer to the table. At what quantity are profits maximized?

Suppose that a firm in a competitive market faces the following revenues and costs. Quantity (Gallon) 1 3 4 Total Revenue (Dollar) 0 5 10 15 20 25 30 35 Total Cost (Dollar), 8 12 17 23 30 Refer to the table. At what quantity are profits maximized?

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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Suppose that a firm in a competitive market
faces the following revenues and costs.
Quantity
(Gallon)
1
2
3
4
Total
Revenue
(Dollar)
0
5
10
15
20
25
30
35
Total
Cost
(Dollar),
8
12
17
23
30
Refer to the table. At what quantity are profits maximized?
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