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The table shows some cost data for Lin's Apple Orchard which operates in a perfectly competitive market. At a market price of $42.33 a
The table shows some cost data for Lin's Apple Orchard which operates in a perfectly competitive market. At a market price of $42.33 a crate, what quantity does Lin's produce and what is the firm's economic profit in the short run? When the market price is $42.33 a crate, Lin produces crates of apples Total product Average (crates Average Average variable total Marginal fixed cost cost cost cost per day) (dollars per crate) 1 86.00 43.00 129.00 29.00 2 43.00 36.00 79.00 21.01 3 28.67 31.00 59.67 18.99 4 21.50 28.00 49.50 24.00 5 17.20 27.20 44.40 31.98 6 14.33 28.00 42.33 49.05 7 12.29 31.00 43.29 74.97 8 10.75 36.50 47.25
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