What is farmer perk profit-maximizing level of output

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Reference no: EM1371150

Q. You are an economic consultant for Farmer Perk, who produces raw cotton and sells it in a perfectly competitive market. One day, he provides you following cost data. Market price for a pound of cotton is $7. Use table to answer following questions.

Output
(Pounds of cotton per day) Total Fixed Cost
(TFC) Total Variable Cost
(TVC)

0 $12 $0
1 $12 $5
2 $12 $9
3 $12 $14
4 $12 $20
5 $12 $28
6 $12 $38

Illustrate what is Farmer Perk's profit-maximizing level of output?

Reference no: EM1371150

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