Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicates the profit-maximizing level of output (Q), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (x), and, the average profit (Ar) for each pair of costs curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table. Cost Curves C & D 105 100 99 90 83 80 75 70 65 60 C MC1 MC2 ATC1

Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicates the profit-maximizing level of output (Q), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (x), and, the average profit (Ar) for each pair of costs curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table. Cost Curves C & D 105 100 99 90 83 80 75 70 65 60 C MC1 MC2 ATC1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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