In a fake economy with small quantities, a apple farmer can sell as many bushels of apples
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Question:
In a fake economy with small quantities, a apple farmer can sell as many bushels of apples as he wants at the current market price for apples, $21 per bushel.The apple farmer has cost function
C = 20 + 4Q2where 'Q' is quantity of bushels .
The firm must sell an integer amount of bushels of apples.Calculate profit-maximizing values for the following
a) Quantity
b) Total revenue
c) Total profits
d) Average total cost
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