Production and Costs Problem Set[1]

1. Suppose that the price of Apples is $2. In addition, suppose that the firm's total costs are $21 and that the firm currently sells 90 Apples.

Given this information, what is this firm's total revenue?

2. The table below shows data for the production of Avocados for an individual firm operating in a perfectly competitive market.

Quantity of Avocados	Total Revenue	Total Costs
0	0	30
10	40	50
20	80	62
30	120	71
40	160	80
50	200	89
60	240	100
70	280	130
80	320	200

Given this data, what is the per unit price of Avocados?

Use the following information to answer questions 3 through 5:

The graph below shows data for an individual firm.