Question: Use the table to answer the following question: Nitrogen applied (lbs) Yield (bushels) Marginal revenue Marginal cost 0 80 -- -- 25 114 $4.00 $0.29

Use the table to answer the following question:

Nitrogen applied

(lbs)

Yield (bushels)

Marginal revenue

Marginal

cost

114

$4.00

$0.29

138

4.00

0.42

155

4.00

0.59

100

166

4.00

0.91

125

172

4.00

1.67

150

176

4.00

2.50

175

178

4.00

5.00

200

179

4.00

10.00

Assume nitrogen costs $0.40 per pound, corn price is $4.00 per bushel and all other costs total $600 per acre. At the profit maximizing amount of output, what is profit per acre?

a.$44/acre

b.$60/acre

c.$644/acre

d.$704/acre

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