Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A farmer is currently producing 100 kg of sugarcane. The Average Revenue (AR) is $10 per kg, Average Total Cost (ATC) is $8 per kg,
A farmer is currently producing 100 kg of sugarcane. The Average Revenue (AR) is $10 per kg, Average Total Cost (ATC) is $8 per kg, and Fixed Costs (FC) is $200.
a. Is this business belong to a perfect competitive market or monopolistic? Explain.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started