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Production and Costs Problem Set1 1. Suppose that the price of Apples is $2. In addition, suppose that the firm's total costs are $21 and

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Production and Costs Problem Set1 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

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