Farmer Johnson producers Eggs in aperfectly competitive egg market. The shortrun cost curves are displayed below.$4.00MC$3.50ATCAVC$3.00$2.50$2.00$1.50$1.00$0.50$020406080100120140160Dozens of EggsPrice of Eggs At that price ($3), what is the profit thatFarmer Johnson earns in the short-run? (Please enter your answer without adollar sign)

Total cost = Average total cost * quantity Total revenue = Price * quantity Profit = Total revenue -…

Answered: At that price ($3), what is the profit…

At that price ($3), what is the profit that Farmer Johnson earns in the short- run? (Please enter your answer without a dollar sign)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Farmer Johnson producers Eggs in a
perfectly competitive egg market. The short
run cost curves are displayed below.
$4.00
MC
$3.50
ATC
AVC
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0
20
40
60
80
100
120
140
160
Dozens of Eggs
Price of Eggs

At that price ($3), what is the profit that
Farmer Johnson earns in the short-
run? (Please enter your answer without a
dollar sign)

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