1. The price of apples is $10 a bucket. Three competitive apple farmers, J, G, and M, face different cost conditions: Briefly discuss your results.

	Total Cost (thousands of dollars)
Thousands of Buckets	J	G	M
10	100	275	50
20	200	335	125
30	300	400	225
40	400	470	350
50	500	545	500
60	600	625	675
70	700	710	875
80	800	800	1100

a) For each farmer, calculate the marginal cost at each output level.

b) Describe in words the difference between the cost schedules of the three farmers.

c) What are the profit-maximizing output levels of the three farmers, and what are their profits at those outputs?

d) Explain the differences and/or similarities in the outputs and profits of the three farmers.