Suppose a Farmer Is a Price Taker for Soybean Sales

question 10

Multiple Choice

Suppose a farmer is a price taker for soybean sales with cost functions given by ?
TC = .1q² + 2q + 30
MC = .2q + 2
The profit maximizing level of output is

• A)0
• B)30
• C)40
• D)50

---

Definitions:

Income

The financial gain or revenue received by an individual or entity in exchange for providing labor or through investments.

Research and Development

The investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment's initial cost.

Expenditure

The total amount of money spent by an individual, firm, or government on goods and services.