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

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Quantity (corn cobs) 20 30 40 Price (dollars) 50 60 70 80 90 4.5 4.0 3.5 3.0 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool 'MC' to plot the curve point by point (8 points total). 2.5 2.0 1.5 Cathy's Corn Stand's Production Costs AVC (dollars) $1.90 1.0 1.70 1.55 1.50 1.50 1.60 1.70 1.80 ATC (dollars) $4.40 3.37 2.80 2.50 2.33 2.31 2.33 2.36 Cathy's Corn Stand's Production Costs MC (dollars) $1.60 ATC AVC 1.30 1.10 1.30 1.50 2.20 2.40 2.60 MC a perfectly competitiv markel

Quantity (corn cobs) 20 30 40 Price (dollars) 50 60 70 80 90 4.5 4.0 3.5 3.0 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool 'MC' to plot the curve point by point (8 points total). 2.5 2.0 1.5 Cathy's Corn Stand's Production Costs AVC (dollars) $1.90 1.0 1.70 1.55 1.50 1.50 1.60 1.70 1.80 ATC (dollars) $4.40 3.37 2.80 2.50 2.33 2.31 2.33 2.36 Cathy's Corn Stand's Production Costs MC (dollars) $1.60 ATC AVC 1.30 1.10 1.30 1.50 2.20 2.40 2.60 MC a perfectly competitiv markel

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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