Suppose the market for com is perfectly competitive. The average total cost and marginal cost of growing corn in the long run for an individual farmer are illustrated in the graph to the right According to the graph, the long run equilibrium price for corn is $ per box. (Enter a numeric response using a real number rounded to two decimal places.) If at this price an individual corn farmer produces 70 boxes of corn per week. she will have economic profits of S To break even in the long run, com farmers must produce the quantity that i occurs CELLE Price and cost (dollars per box) 40 36- 32- 2222 =2 28 24- 20- 8 16 12- 8 4- 0 ATO 10 20 30 40 50 60 70 80 90 100 Quantity of corn (baxes per week) odu

Suppose the market for com is perfectly competitive. The average total cost and marginal cost of growing corn in the long run for an individual farmer are illustrated in the graph to the right According to the graph, the long run equilibrium price for corn is $ per box. (Enter a numeric response using a real number rounded to two decimal places.) If at this price an individual corn farmer produces 70 boxes of corn per week. she will have economic profits of S To break even in the long run, com farmers must produce the quantity that i occurs CELLE Price and cost (dollars per box) 40 36- 32- 2222 =2 28 24- 20- 8 16 12- 8 4- 0 ATO 10 20 30 40 50 60 70 80 90 100 Quantity of corn (baxes per week) odu

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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