At a market price of $35.20 a batch, what quantity does Lin's produce and what is the firm's economic profit in the short run? The table below shows the demand schedule for Lin's Fortune Cookies. The second table shows some cost data for Lin's. Price (dollars per batch) (batches per day) Quantity demanded Quantity AFC (batches per day) AVC ATC MC (dellars per batch) 840 S1.00 135 37 50 42.0 4400 86 50 29 28.0 39.00 50 50 27 21.0 36.00 57 32 50 168 35.20 52 50 40 14.0 36.00 50 57 12.0 39 00 51 83 10.5 4450 S5
At a market price of $35.20 a batch, what quantity does Lin's produce and what is the firm's economic profit in the short run? The table below shows the demand schedule for Lin's Fortune Cookies. The second table shows some cost data for Lin's. Price (dollars per batch) (batches per day) Quantity demanded Quantity AFC (batches per day) AVC ATC MC (dellars per batch) 840 S1.00 135 37 50 42.0 4400 86 50 29 28.0 39.00 50 50 27 21.0 36.00 57 32 50 168 35.20 52 50 40 14.0 36.00 50 57 12.0 39 00 51 83 10.5 4450 S5
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 39P: The AAA Aquarium Co. sells aquariums for 20 each. Fixed costs of production are 20. The total...
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Question
![At a market price of $35.20 a batch, what quantity does Lin's produce and what is the firm's
economic profit in the short run?
The table below shows the demand schedule for Lin's Fortune Cookies. The second table shows
some cost data for Lin's.
Price
(dollars per
batch) (batches per day)
Quantity
demanded
AVC
Quantity AFC
(batches
per day)
ATC
MC
(dollars per batch)
84.0
S1.00
135
37
50
2
420
44.00
86
50
29
50
28.0
39.00
67
2
3
27
50
21.0
36.00
57
32
50
4
168
35.20
52
50
40
14.0
36.00
50
50
57
12.0
39.00
51
83
10.5
44.50
55](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26d10e7b-5c7a-4563-b723-0fb404d46263%2Fd58ec1af-1aaa-4e8b-a563-df207d0b826a%2Fxp8u32e_processed.png&w=3840&q=75)
Transcribed Image Text:At a market price of $35.20 a batch, what quantity does Lin's produce and what is the firm's
economic profit in the short run?
The table below shows the demand schedule for Lin's Fortune Cookies. The second table shows
some cost data for Lin's.
Price
(dollars per
batch) (batches per day)
Quantity
demanded
AVC
Quantity AFC
(batches
per day)
ATC
MC
(dollars per batch)
84.0
S1.00
135
37
50
2
420
44.00
86
50
29
50
28.0
39.00
67
2
3
27
50
21.0
36.00
57
32
50
4
168
35.20
52
50
40
14.0
36.00
50
50
57
12.0
39.00
51
83
10.5
44.50
55
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