estion 4) (14 marks) ble 3 Total Total Marginal Revenue Marginal (MR) uantity Revenue (TR) Cost (TC) Profit (S) crates) SO $140 $280 Cost (MC) 14 120 200 120 80 40 2. $420 $560 $700 $840 240 3. 80 160 320 4. 480 56 16 200 680 6. armer Ahmed grows oranges. The total revenue, total cost and marginal cost of producing various antities of oranges for this perfectly competitive firm are presented in the table above. a) Assuming a market price of $140 per crate of oranges, fill in the column for MR and profit above (3 marks) b) Refer to the data above. Suppose the market for oranges is perfectly competitive. To maximize profits farmer Ahmed should produce how many crates of oranges? (4 marks) c) What is the maximum level of profit that farmer Ahmed will earn at that level of output? (4 marks) d) What are the two ways to determine the profit-maximizing level of production? Write the two conditions for profit maximization. (3 marks)

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