Table 1 shows the demand schedule for Lins Fortune Cookies. Table 2 shows some cost data for
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Table 1 shows the demand schedule for Lin’s Fortune Cookies. Table 2 shows some cost data for Lin’s. Use this information to work Problems 4 to 7 . (Hint: Make a sketch of Lin’s short-run cost curves.)
Table 2 Quantity (batches per day) AFC AVC ATC MC
(dollars per batch)
1 84.0 51.0 135 37 2 42.0 44.0 86 29 3 28.0 39.0 67 27 4 21.0 36.0 57 32 5 16.8 35.2 52 40 6 14.0 36.0 50 57 7 12.0 39.0 51 83 8 10.5 44.5 55
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