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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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