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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
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 + 4Q' where 'Q' is quantity of bushels .
The firm must sell an integer amount of bushels of apples. Calculate profit-maximizing values for the following:
You must also show your calculations to
that contains your supporting calculations.)
a) Quantity
b) Total revenue
c) Total profits
d) Average total cost
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