Table 6John's VineyardQuantityProduced012345678COSTSTotalCost$0$50$102$157$217$285Select one:O a. 6O b. 7O c. 3O d. 8$365$462$582MarginalCost524PANEQuantityDemanded012345698COREVENUESPrice$80$80$80$80$80$80$80$80$80TotalRevenueRefer to Table 6. At what quantity does John's Vineyard maximize profits?MarginalRevenue

Profit is the earnings or financial benefit of an individual or firm in doing business. The firm…

Answered: Refer to Table 6. At what quantity does…

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Refer to Table 6. At what quantity does John's Vineyard maximize profits? Select one: O a. 6 O b. 7 O c. 3 O d. 8

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Chapter1: Making Economics Decisions

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Question

Table 6
John's Vineyard
Quantity
Produced
0
1
2
3
45
6
7
8
COSTS
Total
Cost
$0
$50
$102
$157
$217
$285
Select one:
O a. 6
O b. 7
O c. 3
O d. 8
$365
$462
$582
Marginal
Cost
524
PANE
Quantity
Demanded
0
1
2
3
4
5
69
8
CO
REVENUES
Price
$80
$80
$80
$80
$80
$80
$80
$80
$80
Total
Revenue
Refer to Table 6. At what quantity does John's Vineyard maximize profits?
Marginal
Revenue

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