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Consider the following data for farmer John who sells tomatoes in a perfectly competitive market. Assume the current market price of tomatoes is $8.00
Consider the following data for farmer John who sells tomatoes in a perfectly competitive market. Assume the current market price of tomatoes is $8.00 per bushel, and costs change with quantity as given below. What is John's Average Total Cost (ATC) if he produces 600 bushels of tomatoes? Q (bushels) Fixed Costs Variable Costs 0 600 0 100 600 700 200 600 1600 300 600 2200 400 600 2700 500 600 3100 600 600 3600 700 600 4400 800 600 5400
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