17.
Price,
cost of
bushel
$30
26
22
18
14
10
6
2
0
1
2
3
4
5
6
7
MC
ATC
Figure: Revenues, Costs, and Profits for Tomato Producers
Quantity of tomatoes (bushels) (Figure: Revenues, Costs, and Profits for Tomato Producers) Look at the
figure Revenues, Costs, and Profits for Tomato Producers. The market for tomatoes is perfectly competitive, and an individual tomato farmer faces the cost curves shown in the figure.
The market price of a bushel of tomatoes is $18. At the profit-maximizing quantity of output in the figure, the farmer's total revenue is _____, total cost is _____, and profit is _____
a. $90; $14; $76
b. $30; $42; -$12
c. $48; $56; -$8
d. $90; $70; $20