Suppose an avocado farm has cost: C=0.004q+28q+ 1250, (where q is measured in bushels) and the rental cost of land is zero so the average cost curve includes only the farm's costs of labor, capital, materials, and energy-not land. This cost structure is representative of all firms in this industry. The market price of avocados is $31 per bushel. The firm's profit maximizing output is bushels of avocados. (Round your response to one decimal place.)

Suppose an avocado farm has cost: C=0.004q+28q+ 1250, (where q is measured in bushels) and the rental cost of land is zero so the average cost curve includes only the farm's costs of labor, capital, materials, and energy-not land. This cost structure is representative of all firms in this industry. The market price of avocados is $31 per bushel. The firm's profit maximizing output is bushels of avocados. (Round your response to one decimal place.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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