Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Douglas Bernheim, Michael Whinston

2nd edition

73375853, 978-0073375854

More Books

Students also viewed these Economics questions

Question

What is the difference between data, information, and intelligence?

Answered: 1 week ago