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Consider the corn market. Suppose marginal revenue is $25 and
marginal cost is $20 and the output is 30 units of corn and profits
are at $20,000. You are currently producing 30 units of corn. To
get to the profit maximizing output of 50 units where marginal
revenue and marginal cost are both equal at $25 and profits are
maximized at $50,000, should you produce more or less output of
corn and WHY? Also, does your profit increase or decrease?
Explain.