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Table 14-2 The following table presents cost and revenue information for Sopers Port Vineyard. Quantity Produced Marginal Co
31. Refer to Table 14-2. Consumers are willing to pay $120 per unit of port wine. What is Sopers Port Vineyards economic pr
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Answer #1

31. The profit maximizing condition is where P=MC= MR.

So, profit maximizing output = 8 units

At this output level ,TC= $682 and TR=$960

Therefore, profit = TR-TC =$(960-682)= $278.

Hence,option(C) is correct.

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