Farmer Jones grows sugar. The total revenue, marginal revenue, total cost, and marginal cost of producing various quantities of sugar (bushels in 1000s) are presented in the table below.

Output (cratecrates in 1000s)	Total Revenue	Marginal Revenue	Total Cost	Marginal Cost
0	$0	-	0	-
1	250	250	300	300
2	500	250	500	200
3	750	250	600	100
4	1000	250	800	200
5	1250	250	1200	400
6	1500	250	1700	500

Suppose the market for sugar is perfectly competitive. To maximize profits, farmer Jones should produce ?

Answer rating: 100% (QA)

Perfect Competition In a perfectly competitive industry there are lar... View the full answer