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Use the following to answer question: Use the following to answer question:   -(Figure: Revenues,Costs,and Profits for Tomato Producers) Use Figure: Revenues,Costs,and Profits for Tomato Producers.The market for tomatoes is perfectly competitive.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 economic profit is _____. A) $90;$14;$76 B) $90;$70;$20 C) $30;$42;-$12 D) $48;$56;-$8
-(Figure: Revenues,Costs,and Profits for Tomato Producers) Use Figure: Revenues,Costs,and Profits for Tomato Producers.The market for tomatoes is perfectly competitive.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 economic profit is _____.


Definitions:

Effective Utilization

The degree to which a resource, such as equipment or labor, is used effectively to produce goods or services.

Bottleneck

A machine or some other part of a process that limits the total output of the entire system.

Defective Units

Products that fail to meet quality standards or specifications and are therefore unfit for sale or use.

Production Constraint

Any factor that limits the output of a production process, such as limited raw materials, machine capacity, or labor.

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