Asked by Kelsey Whalen on Jun 27, 2024
Verified
(Table: Soybean Cost) Use Table: Soybean Cost.If the market price of a bushel of soybeans is $15,what will be the farmer's short-run profit at the optimal level of production?
A) $75
B) $69
C) $6
D) $5
Short-Run Profit
The profit earned by a firm in the short term, typically considering only variable costs and fixed costs remaining constant.
Market Price
The existing rate at which a commodity or service is offered for buying or selling in a marketplace.
Soybeans
A type of legume native to East Asia, widely grown for its edible bean which has numerous uses.
- Ascertain the total sales revenue, all-inclusive costs, and profit margin for a corporation in a perfectly competitive setting.
Verified Answer
ZK
Zybrea KnightJul 04, 2024
Final Answer :
C
Explanation :
Given the information, without the specific details from the "Soybean Cost" table, we can deduce that the correct answer involves calculating profit, which is the difference between total revenue and total cost at the optimal level of production. Since the specific numbers and calculations are not provided, the correct choice is based on the assumption that the profit calculation has been accurately done, leading to the selection of option C.
Learning Objectives
- Ascertain the total sales revenue, all-inclusive costs, and profit margin for a corporation in a perfectly competitive setting.
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