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Lilly is the price-taking owner of an apple orchard; the orchard's variable cost are given in the table. Her orchard has fixed cost of $30.
Lilly is the price-taking owner of an apple orchard; the orchard's variable cost are given in the table. Her orchard has fixed cost of $30. If the price of a bushel of apples is $80, then Lilly's profit maximizing level of output is? Table: Lilly's Apple Orchard Q VC FC TC MC ATC Quantity a) 4 0 0 30 30 0 0.00 of Apples 40 30 70 40 (bushels) VC b) 5 70.00 N 70 30 100 30 50.00 $ 0 40 c) 6 W 80 30 110 10 36.67 70 4 130 30 160 50 40.00 80 d) 7 5 190 30 220 JaUAWNEO 60 44.00 130 e 8 6 260 30 290 70 48.33 190 260 340 30 370 80 52.86 340 8 430 30 460 90 57.50
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