Uncle Jeremy receives a $3 price per unit at the profit-maximizing level of output.
What is the firm's profit-maximizing level of output?
The production rule listed below is used by a competitive business to increase profits: The output level that generates the most profit for the company is where the marginal cost (MC) just touches the product price and where the MC curve is sloping upward.
How do you calculate profit-by maximizing price and quantity in perfect competition?
When marginal revenue equals marginal cost, or when MR = MC, a fully competitive firm will make the decision that will maximize its profits.
Learn more about profit-maximizing level of output: https://brainly.com/question/13062618
#SPJ4
The correct question is:
Uncle Joseph's farm has costs and revenue as seen in the graph.
What price will Uncle Joseph receive per unit at the profit-maximizing level of output?
