Question #8772
Use the following table of expected cost and revenue data for the Tipah Tomato Farm to answer this question. Tipah produces tomatoes and sell them in a competitive price-taker market.
Output
(tons per month) Total Cost (RM) Price per Ton (RM)
3 2250 500
4 2500 500
5 2800 500
6 3050 500
7 3450 500
8 4000 500
9 4575 500
10 5150 500
If Tipah is a profit maximizer, how many tomatoes should she produce when the market price is RM500 per ton?
Output
(tons per month) Total Cost (RM) Price per Ton (RM)
3 2250 500
4 2500 500
5 2800 500
6 3050 500
7 3450 500
8 4000 500
9 4575 500
10 5150 500
If Tipah is a profit maximizer, how many tomatoes should she produce when the market price is RM500 per ton?
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