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Question: Consider the corn market. Suppose marginal revenue is $25 and marginal cost is $20 and the output is 30 units of corn and profits are at $20,000. You are currently producing 30 units of corn. To get to the profit maximizing output of 50 units where marginal revenue and marginal cost are both equal at $25 and profits are maximized at $50,000, should you produce more or less output of corn and WHY? Also, does your profit increase or decrease? Explain.
Your initial post should be at least 250 words. Please postmore than 2 reply responses of 100 or more words to your classmates or the instructor.
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