Farmer Jones grows apples. The average total cost and marginal cost of growing apples for an individual farmer are illustrated in the graph to the right Assumethe market for apples is perfectly competitive40-According to the graph, farmer Jones will eam profit (positive economic profit as opposed to losses) at any market price above $ 10 per box. (Enter a numericresponse using an integer)Assume that the market price specifically is $24 per box Iffarmer Jones produces the profit maximizing quantity, what will be her profit? S36-To more easily identify the price and quantity, click on the graph to the nght, and then adjust the slider to change the price and quantity Each increment willincrease the prce by $2.32-MC28-24-20-16-ATC12-8-4-:46102030405060708090 100Quantity of Apples (boxes per month)Price and cost (dollars per box)

A perfectly competitive firm is a price taker as there are many firms producing identical goods

Farmer Jones grows apples. The average total cost and marginal cost of growing apples for an individual farmer are ilustrated in the graph to the right Assume the market for apples is perfectly competitive 40- According to the graph, farmer Jones will eam profit (positive economic profit as opposed to losses) at any market price above $ 10 per box (Enter a numenic response using an integer) Assume that the market price specificall is $24 per box. If farmer Jones produces the profit maximizing quantity, what will be her profit? s 36- To more easily dentify the price and quantity, click on the graph to the nght, and then adust the alider to change the prce and quantity Each increment will increase the prce by $2. 32- ме 28- 24- 20- 16- ATO 12- 8- 4- 46 50 Quantity of Apples (boxes per month) 10 20 40 60 70 80 90 100 Price and cost (dollars per box)

Farmer Jones grows apples. The average total cost and marginal cost of growing apples for an individual farmer are ilustrated in the graph to the right Assume the market for apples is perfectly competitive 40- According to the graph, farmer Jones will eam profit (positive economic profit as opposed to losses) at any market price above $ 10 per box (Enter a numenic response using an integer) Assume that the market price specificall is $24 per box. If farmer Jones produces the profit maximizing quantity, what will be her profit? s 36- To more easily dentify the price and quantity, click on the graph to the nght, and then adust the alider to change the prce and quantity Each increment will increase the prce by $2. 32- ме 28- 24- 20- 16- ATO 12- 8- 4- 46 50 Quantity of Apples (boxes per month) 10 20 40 60 70 80 90 100 Price and cost (dollars per box)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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