Sub : EconomicsPls answer very fast.I ll upvote correct answer. Thank You b. The market price of corn is $2.20 per cob. In the short run, how much corn should Cathy produce each day to maximize profits?cobs per dayc. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)?$d. In the short run, assuming nothing else changes, Cathy should:shut down, because the market price is above the AVC.O produce the same quantity of com per day.● produce a lower quantity of corn per day.produce a greater quantity of com per day.e. If the short-run price of corn falls to $1.30 per cob, Cathy should:produce the same quantity of com per day.O shut down, because the market price is below the AVC.O produce a greater quantity of com per day.O produce a lower quantity of corn per day. The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market.Cathy's Corn Stand's Production CostsAVC(dollars)$1.901.701.551.501.501.601.701.80Quantity(corn cobs)2030405060708090Price (dollars)ATC(dollars)$4.403.372.802.502.332.312.332.361.0 -Cathy's Corn Stand's Production CostsMC(dollars)$1.60a. Draw Cathy's marginal cost (MC) curve.Instructions: Use the tool 'MC' to plot the curve point by point (8 points total).ATCAVC1.301.101.301.502.202.402.60MC

Marginal Cost: it refers to the change in total cost due to 1 additional unit of production. As due…

b. The market price of corn is $2.20 per cob. In the short run, how much corn should Cathy produce each day to maximize profits? cobs per day c. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)? $ d. In the short run, assuming nothing else changes, Cathy should: shut down, because the market price is above the AVC. O produce the same quantity of com per day. ● produce a lower quantity of com per day. O produce a greater quantity of com per day. e. If the short-run price of corn falls to $1.30 per cob, Cathy should: O produce the same quantity of com per day. ● shut down, because the market price is below the AVC. produce a greater quantity of corn per day. O produce a lower quantity of com per day.

b. The market price of corn is $2.20 per cob. In the short run, how much corn should Cathy produce each day to maximize profits? cobs per day c. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)? $ d. In the short run, assuming nothing else changes, Cathy should: shut down, because the market price is above the AVC. O produce the same quantity of com per day. ● produce a lower quantity of com per day. O produce a greater quantity of com per day. e. If the short-run price of corn falls to $1.30 per cob, Cathy should: O produce the same quantity of com per day. ● shut down, because the market price is below the AVC. produce a greater quantity of corn per day. O produce a lower quantity of com per day.

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

Sub : Economics
Pls answer very fast.I ll upvote correct answer. Thank You

b. The market price of corn is $2.20 per cob. In the short run, how much corn should Cathy produce each day to maximize profits?
cobs per day
c. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)?
$
d. In the short run, assuming nothing else changes, Cathy should:
shut down, because the market price is above the AVC.
O produce the same quantity of com per day.
● produce a lower quantity of corn per day.
produce a greater quantity of com per day.
e. If the short-run price of corn falls to $1.30 per cob, Cathy should:
produce the same quantity of com per day.
O shut down, because the market price is below the AVC.
O produce a greater quantity of com per day.
O produce a lower quantity of corn per day.

The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market.
Cathy's Corn Stand's Production Costs
AVC
(dollars)
$1.90
1.70
1.55
1.50
1.50
1.60
1.70
1.80
Quantity
(corn cobs)
20
30
40
50
60
70
80
90
Price (dollars)
ATC
(dollars)
$4.40
3.37
2.80
2.50
2.33
2.31
2.33
2.36
1.0 -
Cathy's Corn Stand's Production Costs
MC
(dollars)
$1.60
a. Draw Cathy's marginal cost (MC) curve.
Instructions: Use the tool 'MC' to plot the curve point by point (8 points total).
ATC
AVC
1.30
1.10
1.30
1.50
2.20
2.40
2.60
MC

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