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Every night, the Yatala Drive-In screens movies can be enjoyed by customers from the comfort of their cars. Assume the market for popcorn is perfectly
Every night, the Yatala Drive-In screens movies can be enjoyed by customers from the comfort of their cars. Assume the market for popcorn is perfectly competitive. Mindy is a producer who sells 27 popcorn buckets, which is her profit maximising output. At this profit-maximising output level, Mindy's average total cost is $3.30 per popcorn bucket. Her minimum average variable cost is $3.10 per popcorn bucket. The market price is $3.50 per popcorn bucket. Answer the following questions: Mindy's economic profit or loss is (use a negative value if a loss). Answer in dollars, rounded to two decimal places (ie: to the nearest cent). State whether the following statement is true or false: "Mindy's marginal cost is $3.30 per popcorn bucket." Type T for true, or F for false . At the current market price, should Mindy shut down? Type Y for Yes, or N for No
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